The stock of Cognizant Technology Solutions Corp (NASDAQ:CTSH) gapped down by $5.23 today and has $44.37 target or 7.00% below today’s $47.71 share price. The 9 months technical chart setup indicates high risk for the $29.02 billion company. The gap down was reported on Oct, 1 by Barchart.com. If the $44.37 price target is reached, the company will be worth $2.03 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 13.25% or $7.29 during the last trading session, hitting $47.71. About 53.40M shares traded hands or 1147.66% up from the average. Cognizant Technology Solutions Corp (NASDAQ:CTSH) has declined 16.27% since February 29, 2016 and is downtrending. It has underperformed by 26.69% the S&P500.
Analysts await Cognizant Technology Solutions Corp (NASDAQ:CTSH) to report earnings on November, 2. They expect $0.75 EPS, up 11.94% or $0.08 from last year’s $0.67 per share. CTSH’s profit will be $456.19 million for 15.90 P/E if the $0.75 EPS becomes a reality. After $0.79 actual EPS reported by Cognizant Technology Solutions Corp for the previous quarter, Wall Street now forecasts -5.06% negative EPS growth.
Cognizant Technology Solutions Corp (NASDAQ:CTSH) Ratings Coverage
Out of 19 analysts covering Cognizant Technology Solutions Corp. (NASDAQ:CTSH), 14 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 74% are positive. Cognizant Technology Solutions Corp. has been the topic of 29 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating by Needham given on Tuesday, February 9. The rating was initiated by Societe Generale with “Buy” on Monday, September 26. The rating was maintained by Argus Research with “Buy” on Tuesday, August 11. The firm has “Buy” rating by HSBC given on Friday, September 30. Cowen & Co initiated it with “Outperform” rating and $65 target price in Friday, February 19 report. The stock of Cognizant Technology Solutions Corp (NASDAQ:CTSH) earned “Sell” rating by Zacks on Monday, August 10. The firm has “Buy” rating by SunTrust given on Thursday, September 10. The rating was downgraded by Citigroup on Friday, September 30 to “Neutral”. The stock of Cognizant Technology Solutions Corp (NASDAQ:CTSH) has “Neutral” rating given on Friday, September 9 by Wedbush. As per Thursday, December 17, the company rating was initiated by Sterne Agee CRT.
According to Zacks Investment Research, “Cognizant Technology Solutions delivers high-quality, cost-effective, full life cycle solutions to complex software development and maintenance problems that companies face as they transition to e-business. These services are delivered through the use of a seamless on-site and offshore consulting project team. The company’s solutions include application development and integration, application management, re-engineering, and mass change services.”
Insitutional Activity: The institutional sentiment increased to 0.97 in 2016 Q2. Its up 0.12, from 0.85 in 2016Q1. The ratio improved, as 65 funds sold all Cognizant Technology Solutions Corp shares owned while 291 reduced positions. 67 funds bought stakes while 278 increased positions. They now own 506.90 million shares or 5.36% less from 535.62 million shares in 2016Q1.
Glenmede Na owns 519,052 shares or 0.18% of their US portfolio. Private Harbour & Counsel Lc holds 0.56% of its portfolio in Cognizant Technology Solutions Corp (NASDAQ:CTSH) for 11,820 shares. Moreover, Guardian Capital L P has 0.13% invested in Cognizant Technology Solutions Corp (NASDAQ:CTSH) for 142,329 shares. Ledyard Bank owns 390 shares or 0% of their US portfolio. Cetera Advisor Ntwk Ltd Limited Liability Company has 4,736 shares for 0.02% of their US portfolio. Moreover, Manufacturers Life Insur The has 0.08% invested in Cognizant Technology Solutions Corp (NASDAQ:CTSH) for 961,613 shares. Veritas Invest Llp last reported 8.64% of its portfolio in the stock. Old Comml Bank In accumulated 0.07% or 20,677 shares. Moreover, Guardian Capital Advsr Limited Partnership has 0.09% invested in Cognizant Technology Solutions Corp (NASDAQ:CTSH) for 9,000 shares. Parkwood Ltd Liability Co holds 0.04% or 4,682 shares in its portfolio. Teachers Advisors Inc owns 912,328 shares or 0.09% of their US portfolio. Los Angeles Management And Equity Inc holds 0.01% or 13,338 shares in its portfolio. The British Columbia – Canada-based Connor Clark And Lunn Invest Mngmt Ltd has invested 0.01% in Cognizant Technology Solutions Corp (NASDAQ:CTSH). The Connecticut-based Aqr Capital Ltd Company has invested 0.23% in Cognizant Technology Solutions Corp (NASDAQ:CTSH). Telos Capital reported 40,028 shares or 1.12% of all its holdings.
Insider Transactions: Since April 4, 2016, the stock had 0 insider buys, and 16 sales for $40.06 million net activity. COBURN GORDON also sold $1.67M worth of Cognizant Technology Solutions Corp (NASDAQ:CTSH) on Wednesday, May 11. 1,671 shares with value of $102,148 were sold by McLoughlin Karen on Wednesday, June 8. The insider fox John nelson JR sold $759,218. The insider Frank Malcolm sold $73,007. $11.54 million worth of Cognizant Technology Solutions Corp (NASDAQ:CTSH) was sold by DSOUZA FRANCISCO. $1.06 million worth of shares were sold by RAMAKRISHNAN CHANDRASEKARAN on Monday, April 4. Schwartz Steven sold 6,846 shares worth $410,760.
More notable recent Cognizant Technology Solutions Corp (NASDAQ:CTSH) news were published by: Fool.com which released: “Why Shares of Cognizant Technology Solutions Corp. Slumped Today” on September 30, 2016, also Marketwatch.com with their article: “Cognizant Technology’s stock tumbles after disclosure of internal foreign …” published on September 30, 2016, Investorplace.com published: “Why CalAmp Corp. (CAMP), Cognizant Technology Solutions Corp (CTSH) and Wynn …” on September 30, 2016. More interesting news about Cognizant Technology Solutions Corp (NASDAQ:CTSH) were released by: Prnewswire.com and their article: “SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of …” published on September 30, 2016 as well as 247Wallst.com‘s news article titled: “Wells Fargo, Cognizant in Friday’s 52-Week Low Club” with publication date: September 30, 2016.
CTSH Company Profile
Cognizant Technology Solutions Corporation, incorporated on April 6, 1988, is a well-known provider of information technology (IT), consulting and business process services. The Firm operates through four divisions: Financial Services, which includes clients providing banking/transaction processing, capital markets and insurance services; Healthcare, which includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies; Manufacturing, Retail and Logistics, which includes manufacturers, retailers, travel and other hospitality customers, as well as clients providing logistics services, and Other, which includes communications, manufacturing/retail/logistics, and high technology. The Company’s competencies include business, process, activities and IT consulting, application development and systems integration, enterprise information management, application testing, application maintenance and IT infrastructure services.
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