Cognizant Technology Solutions Corp (CTSH) was Downgraded by CLSA to ” Underperform”. Earlier the firm had a rating of “Outperform ” on the company shares. CLSA advised their investors in a research report released on Sep 14, 2016.
Many Wall Street Analysts have commented on Cognizant Technology Solutions Corp. Wedbush Initiated Cognizant Technology Solutions Corp on Sep 9, 2016 to “Neutral”, Price Target of the shares are set at $65.Cognizant Technology Solutions Corp was Downgraded by Nomura to ” Neutral” on Aug 8, 2016. Shares were Reiterated by Needham on Aug 8, 2016 to “Buy” and Lowered the Price Target to $ 68 from a previous price target of $70 .
On the company’s financial health, Cognizant Technology Solutions Corp reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Aug 5, 2016. Analyst had a consensus of $0.82. The company had revenue of $3369.90 million for the quarter, compared to analysts expectations of $3372.35 million. The company’s revenue was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 EPS.
Cognizant Technology Solutions Corp opened for trading at $55.17 and hit $56.52 on the upside on Monday, eventually ending the session at $56.4, with a gain of 2.12% or 1.17 points. The heightened volatility saw the trading volume jump to 5,593,350 shares. Company has a market cap of $34,232 M.
In a different news, on Sep 7, 2016, Malcolm Frank (Exec. VP, Strategy & Marketing) sold 1,248 shares at $58.50 per share price. According to the SEC, on Aug 9, 2016, Karen Mcloughlin (Chief Financial Officer) sold 20,000 shares at $60.00 per share price. On Jul 29, 2016, Francisco Dsouza (Chief Executive Officer) sold 200,000 shares at $57.69 per share price, according to the Form-4 filing with the securities and exchange commission.
Cognizant Technology Solutions Corporation is a provider of information technology (IT) consulting and business process services. The Company operates in four segments: Financial Services segment which include banking and insurance; Healthcare segment which includes healthcare and life sciences and Manufacturing/Retail/Logistics segment which includes manufacturing and logistics; retail travel and hospitality and consumer goods and Other segment which includes Communications Manufacturing/Retail/Logistics and High Technology. The Companies competencies include business process operations and IT consulting application development and systems integration enterprise information management (EIM) application testing application maintenance IT infrastructure services (IT IS) and business process services (BPS). It provides a range of consulting information technology and outsourcing services including consulting and technology services and outsourcing services.