Cognizant Technology Solutions (NASDAQ:CTSH) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions (NASDAQ:CTSH) from a neutral rating to an overweight rating in a research report report published on Monday, Marketbeat reports. The brokerage currently has $98.00 price objective on the information technology service provider’s stock, up from their prior price objective of $88.00.

CTSH has been the subject of a number of other reports. Susquehanna upgraded shares of Cognizant Technology Solutions from a “neutral” rating to a “positive” rating and upped their price target for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. BMO Capital Markets upped their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a research report on Thursday, February 6th. StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Guggenheim reiterated a “neutral” rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cognizant Technology Solutions presently has a consensus rating of “Hold” and an average target price of $85.00.

Cognizant Technology Solutions Stock Down 1.2%

Shares of CTSH stock opened at $79.99 on Monday. Cognizant Technology Solutions has a 12 month low of $63.79 and a 12 month high of $90.82. The stock has a market cap of $39.43 billion, a P/E ratio of 17.74, a P/E/G ratio of 2.11 and a beta of 0.93. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a 50 day simple moving average of $75.11 and a two-hundred day simple moving average of $78.94.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The company’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.12 earnings per share. On average, research analysts expect that Cognizant Technology Solutions will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions declared that its board has approved a stock repurchase plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Monday, May 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.11%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Duncker Streett & Co. Inc. bought a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at about $28,000. Trust Co. of Vermont lifted its holdings in shares of Cognizant Technology Solutions by 188.4% in the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock valued at $34,000 after acquiring an additional 292 shares during the last quarter. Park Square Financial Group LLC bought a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at about $36,000. SBI Securities Co. Ltd. bought a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at about $36,000. Finally, Spire Wealth Management lifted its holdings in shares of Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after acquiring an additional 204 shares during the last quarter. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Company Profile

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.