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

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

Other equities research analysts have also issued research reports about the stock. Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. Susquehanna dropped their price objective on shares of Cognizant Technology Solutions from $82.00 to $77.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Robert W. Baird reduced their target price on Cognizant Technology Solutions from $90.00 to $78.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Guggenheim reaffirmed a "neutral" rating on shares of Cognizant Technology Solutions in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. reduced their price objective on Cognizant Technology Solutions from $92.00 to $81.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 29th. Fifteen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions has an average rating of "Hold" and a consensus price target of $83.87.

Cognizant Technology Solutions Price Performance

Shares of CTSH stock traded up $2.47 during mid-day trading on Thursday, reaching $77.70. The company's stock had a trading volume of 5,330,479 shares, compared to its average volume of 3,581,150. The firm's 50-day moving average is $75.76 and its two-hundred day moving average is $78.57. The company has a market cap of $38.43 billion, a P/E ratio of 17.23, a PEG ratio of 2.11 and a beta of 1.03. Cognizant Technology Solutions has a 1-year low of $63.79 and a 1-year high of $90.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09.

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

Cognizant Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Monday, May 19th. Cognizant Technology Solutions's payout ratio is 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has approved a share repurchase program 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 repurchase up to 5.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Cognizant Technology Solutions

Hedge funds have recently added to or reduced their stakes in the stock. Duncker Streett & Co. Inc. acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $28,000. Trust Co. of Vermont increased its stake in Cognizant Technology Solutions by 188.4% in the fourth 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 in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Cognizant Technology Solutions in the fourth quarter worth $36,000. Park Square Financial Group LLC bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth $36,000. Finally, Spire Wealth Management grew 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 buying an additional 204 shares during the period. Institutional investors and hedge funds own 92.44% of the company's stock.

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.