Legacy Capital Group California Inc. Buys Shares of 14,090 Cognizant Technology Solutions Corporation $CTSH

Legacy Capital Group California Inc. acquired a new stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 14,090 shares of the information technology service provider’s stock, valued at approximately $864,000.

Several other hedge funds have also added to or reduced their stakes in the business. Evolve Private Wealth LLC bought a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at about $2,642,000. OFI Invest Asset Management bought a new stake in Cognizant Technology Solutions during the 4th quarter worth approximately $8,421,000. Arrowstreet Capital Limited Partnership increased its stake in Cognizant Technology Solutions by 34.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,874,274 shares of the information technology service provider’s stock worth $238,565,000 after purchasing an additional 734,337 shares in the last quarter. Pzena Investment Management LLC raised its holdings in Cognizant Technology Solutions by 14.9% during the 1st quarter. Pzena Investment Management LLC now owns 20,262,362 shares of the information technology service provider’s stock worth $1,243,096,000 after buying an additional 2,633,683 shares during the period. Finally, Corient Private Wealth LLC raised its holdings in Cognizant Technology Solutions by 44.4% during the 4th quarter. Corient Private Wealth LLC now owns 108,131 shares of the information technology service provider’s stock worth $8,977,000 after buying an additional 33,248 shares during the period. Institutional investors and hedge funds own 92.44% of the company’s stock.

Analyst Ratings Changes

CTSH has been the topic of several research reports. Susquehanna cut their price objective on shares of Cognizant Technology Solutions from $98.00 to $88.00 and set a “positive” rating on the stock in a research report on Friday, May 1st. Guggenheim cut their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. UBS Group decreased their price objective on Cognizant Technology Solutions from $60.00 to $55.00 in a report on Monday, May 11th. BMO Capital Markets cut their target price on Cognizant Technology Solutions from $83.00 to $63.00 in a research note on Thursday, April 30th. Finally, HSBC reduced their price target on Cognizant Technology Solutions from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Eleven equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $64.26.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH opened at $44.16 on Tuesday. The stock has a market cap of $20.93 billion, a PE ratio of 9.60, a P/E/G ratio of 0.90 and a beta of 0.87. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.23 and a current ratio of 2.23. The firm has a 50-day moving average of $48.09 and a 200-day moving average of $62.04. Cognizant Technology Solutions Corporation has a 52-week low of $37.08 and a 52-week high of $87.03.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, April 29th. The information technology service provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.41 billion. Cognizant Technology Solutions had a return on equity of 17.50% and a net margin of 10.41%.The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.23 earnings per share. Cognizant Technology Solutions has set its FY 2026 guidance at 5.630-5.770 EPS. On average, sell-side analysts anticipate that Cognizant Technology Solutions Corporation will post 5.7 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Shareholders of record on Monday, May 18th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, May 18th. Cognizant Technology Solutions’s dividend payout ratio is presently 28.70%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a share buyback plan on Monday, May 18th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to buy up to 9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

About Cognizant Technology Solutions

Cognizant Technology Solutions (NASDAQ: CTSH) is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.

Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.