Needham & Company LLC Reaffirms Hold Rating for Cognizant Technology Solutions (NASDAQ:CTSH)

Needham & Company LLC reissued their hold rating on shares of Cognizant Technology Solutions (NASDAQ:CTSH - Free Report) in a research note issued to investors on Thursday,Benzinga reports.

A number of other research analysts also recently issued reports on CTSH. Morgan Stanley reduced their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Royal Bank of Canada restated a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Barclays lifted their price target on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an "overweight" rating in a report on Monday, February 10th. UBS Group decreased their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Finally, Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Cognizant Technology Solutions currently has a consensus rating of "Hold" and an average target price of $84.56.

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Cognizant Technology Solutions Trading Down 0.1 %

NASDAQ CTSH traded down $0.08 during trading on Thursday, hitting $75.82. 803,589 shares of the company's stock traded hands, compared to its average volume of 3,560,457. The firm has a market cap of $37.50 billion, a P/E ratio of 16.76, a PEG ratio of 2.11 and a beta of 1.12. The stock has a fifty day moving average of $82.68 and a two-hundred day moving average of $79.51. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. Cognizant Technology Solutions has a 12-month low of $63.79 and a 12-month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. As a group, sell-side analysts expect that Cognizant Technology Solutions will post 4.98 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's payout ratio is currently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has approved a stock buyback plan on Tuesday, March 25th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Cognizant Technology Solutions by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider's stock valued at $4,539,290,000 after acquiring an additional 515,881 shares in the last quarter. State Street Corp increased its holdings in shares of Cognizant Technology Solutions by 3.6% in the 3rd quarter. State Street Corp now owns 24,985,816 shares of the information technology service provider's stock worth $1,928,405,000 after purchasing an additional 867,176 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cognizant Technology Solutions by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 13,437,687 shares of the information technology service provider's stock worth $1,032,239,000 after purchasing an additional 157,464 shares during the last quarter. FMR LLC lifted its holdings in shares of Cognizant Technology Solutions by 1.1% during the fourth quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock valued at $857,205,000 after purchasing an additional 123,745 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Cognizant Technology Solutions by 2.8% during the fourth quarter. Invesco Ltd. now owns 10,655,180 shares of the information technology service provider's stock valued at $819,383,000 after purchasing an additional 287,973 shares in the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

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.