Cognizant Technology Solutions (NASDAQ:CTSH) Given New $82.00 Price Target at Citigroup

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target decreased by Citigroup from $90.00 to $82.00 in a research report released on Monday, Benzinga reports. Citigroup currently has a buy rating on the information technology service provider’s stock.

A number of other research firms have also commented on CTSH. Wedbush lifted their target price on Cognizant Technology Solutions from $75.00 to $85.00 and gave the stock an outperform rating in a report on Tuesday, December 26th. Barclays lifted their price target on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an equal weight rating in a research note on Tuesday, January 23rd. Mizuho began coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, January 30th. They set a neutral rating and a $82.00 price objective on the stock. Susquehanna reaffirmed a neutral rating and issued a $80.00 target price (down previously from $87.00) on shares of Cognizant Technology Solutions in a research report on Monday, April 1st. Finally, Societe Generale reissued a sell rating and set a $67.00 price target on shares of Cognizant Technology Solutions in a report on Friday, January 5th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Cognizant Technology Solutions has a consensus rating of Hold and an average price target of $76.44.

Cognizant Technology Solutions Trading Up 1.1 %

NASDAQ CTSH opened at $68.20 on Monday. Cognizant Technology Solutions has a 12 month low of $58.09 and a 12 month high of $80.09. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 0.05. The stock’s fifty day moving average price is $74.28 and its 200-day moving average price is $72.58. The stock has a market cap of $33.95 billion, a P/E ratio of 16.24, a P/E/G ratio of 1.54 and a beta of 1.06.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Tuesday, February 6th. The information technology service provider reported $1.18 EPS for the quarter, beating the consensus estimate of $1.04 by $0.14. The company had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.76 billion. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. Cognizant Technology Solutions’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 EPS. As a group, equities analysts forecast that Cognizant Technology Solutions will post 4.59 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, February 16th. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.76%. Cognizant Technology Solutions’s payout ratio is 28.57%.

Insider Buying and Selling

In other Cognizant Technology Solutions news, EVP Kathryn Diaz sold 900 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the completion of the transaction, the executive vice president now directly owns 8,312 shares in the company, valued at $640,522.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Several large investors have recently made changes to their positions in CTSH. Vanguard Group Inc. lifted its holdings in Cognizant Technology Solutions by 17.0% in the 4th quarter. Vanguard Group Inc. now owns 51,111,915 shares of the information technology service provider’s stock worth $3,860,483,000 after purchasing an additional 7,445,089 shares in the last quarter. Norges Bank bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth $406,360,000. JPMorgan Chase & Co. boosted its position in shares of Cognizant Technology Solutions by 32.8% during the third quarter. JPMorgan Chase & Co. now owns 17,663,814 shares of the information technology service provider’s stock worth $1,196,547,000 after acquiring an additional 4,365,493 shares during the last quarter. Cibc World Markets Corp increased its holdings in Cognizant Technology Solutions by 1,861.7% in the 4th quarter. Cibc World Markets Corp now owns 1,686,597 shares of the information technology service provider’s stock valued at $127,389,000 after acquiring an additional 1,600,621 shares during the last quarter. Finally, KBC Group NV lifted its stake in Cognizant Technology Solutions by 2,083.8% in the 4th quarter. KBC Group NV now owns 1,422,912 shares of the information technology service provider’s stock worth $107,473,000 after purchasing an additional 1,357,755 shares in the last quarter. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.