Cognizant (NASDAQ:CTSH) issued its quarterly earnings data on Monday. The information technology service provider reported $1.06 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.06, Bloomberg Earnings reports. Cognizant had a return on equity of 19.94% and a net margin of 10.15%. The firm had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the previous year, the firm posted $0.84 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. Cognizant updated its Q2 guidance to $1.09 EPS and its FY18 guidance to $4.47 EPS.
CTSH stock opened at $77.86 on Tuesday. The company has a market capitalization of $48.32 billion, a price-to-earnings ratio of 23.15, a PEG ratio of 1.55 and a beta of 1.07. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.21 and a quick ratio of 3.21. Cognizant has a one year low of $63.00 and a one year high of $85.10.
In other news, COO Srinivasan Veeraraghavachary sold 2,500 shares of the business’s stock in a transaction on Tuesday, March 27th. The shares were sold at an average price of $82.29, for a total transaction of $205,725.00. Following the completion of the sale, the chief operating officer now directly owns 23,794 shares of the company’s stock, valued at approximately $1,958,008.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Rajeev Mehta sold 108,217 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $77.32, for a total transaction of $8,367,338.44. The disclosure for this sale can be found here. Insiders sold a total of 220,945 shares of company stock valued at $17,478,597 over the last ninety days. 0.60% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Cognizant by 3.1% during the 4th quarter. BlackRock Inc. now owns 36,121,482 shares of the information technology service provider’s stock valued at $2,565,349,000 after buying an additional 1,088,469 shares during the period. Comgest Global Investors S.A.S. grew its stake in shares of Cognizant by 18.3% during the 4th quarter. Comgest Global Investors S.A.S. now owns 8,774,817 shares of the information technology service provider’s stock valued at $623,188,000 after buying an additional 1,358,200 shares during the period. Pzena Investment Management LLC grew its stake in shares of Cognizant by 2.8% during the 4th quarter. Pzena Investment Management LLC now owns 7,119,634 shares of the information technology service provider’s stock valued at $505,636,000 after buying an additional 194,583 shares during the period. Alliancebernstein L.P. grew its stake in shares of Cognizant by 30.1% during the 4th quarter. Alliancebernstein L.P. now owns 6,309,025 shares of the information technology service provider’s stock valued at $448,067,000 after buying an additional 1,458,220 shares during the period. Finally, Geode Capital Management LLC boosted its position in Cognizant by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 6,005,499 shares of the information technology service provider’s stock worth $425,587,000 after purchasing an additional 209,232 shares during the period. 88.62% of the stock is owned by institutional investors.
Several research analysts recently issued reports on CTSH shares. ValuEngine upgraded Cognizant from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research upgraded Cognizant from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a research report on Tuesday, May 1st. BidaskClub upgraded Cognizant from a “sell” rating to a “hold” rating in a research report on Friday, January 19th. Morgan Stanley lifted their price objective on Cognizant from $77.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Monday, February 5th. Finally, Cowen restated a “buy” rating and set a $90.00 price objective on shares of Cognizant in a research report on Thursday, February 8th. Six research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have issued a strong buy rating to the company. Cognizant has an average rating of “Buy” and a consensus price target of $84.34.
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.
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