JPMorgan Chase & Co. Lowers Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $93.00

Key Points

• JPMorgan Chase & Co. has lowered the price target for Cognizant Technology Solutions from $98.00 to $93.00, maintaining an "overweight" rating for the stock, indicating a potential upside of 22.25%.
• Other firms, including Barclays and Susquehanna, have also adjusted their price targets for Cognizant, reflecting a range from $90.00 to $103.00, with the stock currently having an average target of $85.88.
• As of the latest report, Cognizant's shares have decreased by 0.8%, trading at approximately $76.08, while the company reported a revenue increase of 7.5% year-over-year in its last earnings quarter.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) had its price target lowered by equities research analysts at JPMorgan Chase & Co. from $98.00 to $93.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the information technology service provider's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 22.25% from the stock's current price.

Other research analysts have also issued reports about the company. Barclays lowered their price objective on Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their price objective for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Evercore ISI began coverage on Cognizant Technology Solutions in a research note on Thursday, July 17th. They issued an "outperform" rating and a $100.00 price target on the stock. Finally, Guggenheim upgraded Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a research note on Friday, July 18th. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $85.88.

Cognizant Technology Solutions Stock Down 0.8%

Shares of NASDAQ:CTSH traded down $0.60 on Monday, reaching $76.08. The company had a trading volume of 674,792 shares, compared to its average volume of 3,712,771. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $37.50 billion, a PE ratio of 16.03, a PEG ratio of 1.77 and a beta of 0.96. Cognizant Technology Solutions has a 52-week low of $65.52 and a 52-week high of $90.82. The firm's 50 day simple moving average is $78.64 and its 200-day simple moving average is $78.74.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. The company had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The firm's revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.12 EPS. As a group, analysts expect that Cognizant Technology Solutions will post 4.98 earnings per share for the current fiscal year.

Institutional Trading of Cognizant Technology Solutions

Several institutional investors have recently made changes to their positions in the stock. Pzena Investment Management LLC grew its stake in shares of Cognizant Technology Solutions by 2.2% during the 2nd quarter. Pzena Investment Management LLC now owns 17,450,691 shares of the information technology service provider's stock valued at $1,361,677,000 after buying an additional 375,619 shares during the period. Geode Capital Management LLC lifted 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 valued at $1,032,239,000 after acquiring an additional 157,464 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Cognizant Technology Solutions by 13.3% during the 1st quarter. Invesco Ltd. now owns 12,077,445 shares of the information technology service provider's stock valued at $923,925,000 after acquiring an additional 1,422,265 shares in the last quarter. FMR LLC lifted its holdings in shares of Cognizant Technology Solutions by 1.1% during the 4th quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock valued at $857,205,000 after acquiring an additional 123,745 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Cognizant Technology Solutions by 117.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,805,893 shares of the information technology service provider's stock valued at $520,651,000 after acquiring an additional 3,677,145 shares in 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.

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