Royal Bank of Canada Forecasts Strong Price Appreciation for Cognizant Technology Solutions (NASDAQ:CTSH) Stock

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target boosted by equities researchers at Royal Bank of Canada from $82.00 to $93.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the information technology service provider’s stock. Royal Bank of Canada’s target price suggests a potential upside of 7.04% from the stock’s current price.

CTSH has been the topic of several other reports. Morgan Stanley increased their price target on shares of Cognizant Technology Solutions from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Thursday. UBS Group raised their price objective on shares of Cognizant Technology Solutions from $83.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday. Barclays upgraded shares of Cognizant Technology Solutions from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $80.00 to $95.00 in a report on Tuesday, December 17th. Mizuho lifted their price target on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, BMO Capital Markets lifted their price objective on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research report on Thursday. Seventeen analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Cognizant Technology Solutions currently has an average rating of “Hold” and an average target price of $83.22.

Cognizant Technology Solutions Stock Up 3.9 %

NASDAQ:CTSH traded up $3.28 during trading hours on Thursday, reaching $86.88. The company’s stock had a trading volume of 2,743,930 shares, compared to its average volume of 2,832,339. The company has a market cap of $43.08 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 2.21 and a beta of 1.07. Cognizant Technology Solutions has a one year low of $63.79 and a one year high of $87.61. The business’s 50-day moving average is $79.31 and its 200-day moving average is $77.45. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. Equities research analysts predict that Cognizant Technology Solutions will post 4.66 EPS for the current year.

Insider Activity

In related news, CAO John Sunshin Kim sold 5,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total transaction of $400,550.00. Following the completion of the sale, the chief accounting officer now directly owns 39,022 shares of the company’s stock, valued at approximately $3,126,052.42. This trade represents a 11.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.26% of the company’s stock.

Institutional Trading of Cognizant Technology Solutions

A number of institutional investors and hedge funds have recently modified their holdings of CTSH. Addison Advisors LLC increased its position in Cognizant Technology Solutions by 127.7% in the third quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock worth $26,000 after buying an additional 189 shares during the last quarter. Duncker Streett & Co. Inc. bought a new stake in Cognizant Technology Solutions during the fourth quarter valued at $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Cognizant Technology Solutions in the 3rd quarter worth about $30,000. Trust Co. of Vermont increased its position in shares of Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 292 shares during the last quarter. Finally, Pinnacle Bancorp Inc. increased its position in shares of Cognizant Technology Solutions by 47.4% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock valued at $35,000 after purchasing an additional 146 shares during the last quarter. 92.44% of the stock is 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.