Susquehanna Upgrades Cognizant Technology Solutions (NASDAQ:CTSH) to Positive

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) was upgraded by investment analysts at Susquehanna from a "neutral" rating to a "positive" rating in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $90.00 price objective on the information technology service provider's stock, up from their prior price objective of $77.00. Susquehanna's price target would suggest a potential upside of 15.83% from the stock's current price.

A number of other brokerages also recently weighed in on CTSH. Mizuho upgraded shares of Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. Barclays dropped their target price on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Guggenheim reissued a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped 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. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Fifteen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cognizant Technology Solutions currently has an average rating of "Hold" and a consensus target price of $83.87.

Cognizant Technology Solutions Stock Up 3.3 %

CTSH stock traded up $2.47 during midday trading on Thursday, hitting $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 company's fifty day moving average price is $75.76 and its 200 day moving average price is $78.57. Cognizant Technology Solutions has a twelve month low of $63.79 and a twelve month high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a market capitalization 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 (NASDAQ:CTSH - Get Free Report) last released its 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. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. Cognizant Technology Solutions's revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.12 earnings per share. As a group, equities research analysts predict that Cognizant Technology Solutions will post 4.98 EPS for the current year.

Cognizant Technology Solutions declared that its Board of Directors has initiated a share buyback program on Tuesday, March 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Cognizant Technology Solutions

A number of hedge funds and other institutional investors have recently made changes to their positions in CTSH. Vanguard Group Inc. grew its position in 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 worth $4,539,290,000 after buying an additional 515,881 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cognizant Technology Solutions by 1.2% during the 4th 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 in the last quarter. FMR LLC increased its position in shares of Cognizant Technology Solutions by 1.1% in the fourth quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock worth $857,205,000 after purchasing an additional 123,745 shares during the period. Invesco Ltd. raised its stake in Cognizant Technology Solutions by 2.8% in 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. Finally, Norges Bank bought a new stake in Cognizant Technology Solutions during the fourth quarter worth about $527,719,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

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.