Summit Global Investments raised its position in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 22.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 163,672 shares of the information technology service provider’s stock after purchasing an additional 30,159 shares during the period. Cognizant Technology Solutions comprises 1.5% of Summit Global Investments’ portfolio, making the stock its 16th biggest position. Summit Global Investments’ holdings in Cognizant Technology Solutions were worth $11,858,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CTSH. Norges Bank bought a new stake in Cognizant Technology Solutions during the 4th quarter valued at $366,248,000. Oregon Public Employees Retirement Fund raised its position in Cognizant Technology Solutions by 6,171.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,052,309 shares of the information technology service provider’s stock valued at $64,000 after purchasing an additional 3,987,693 shares in the last quarter. FMR LLC raised its position in Cognizant Technology Solutions by 39.0% during the 4th quarter. FMR LLC now owns 12,939,775 shares of the information technology service provider’s stock valued at $821,416,000 after purchasing an additional 3,632,452 shares in the last quarter. BlackRock Inc. raised its position in Cognizant Technology Solutions by 4.7% during the 1st quarter. BlackRock Inc. now owns 47,153,467 shares of the information technology service provider’s stock valued at $3,416,269,000 after purchasing an additional 2,129,464 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in Cognizant Technology Solutions by 2,915.5% during the 4th quarter. Two Sigma Advisers LP now owns 1,627,367 shares of the information technology service provider’s stock valued at $103,305,000 after purchasing an additional 1,573,400 shares in the last quarter. 89.27% of the stock is owned by institutional investors and hedge funds.
In related news, SVP Robert Telesmanic sold 3,343 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $60.00, for a total transaction of $200,580.00. Following the transaction, the senior vice president now directly owns 7,337 shares in the company, valued at approximately $440,220. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Brian Humphries bought 19,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average price of $61.09 per share, for a total transaction of $1,160,710.00. Following the completion of the purchase, the chief executive officer now owns 19,000 shares in the company, valued at $1,160,710. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 24,104 shares of company stock worth $1,526,535. 0.56% of the stock is owned by company insiders.
CTSH stock traded down $0.71 on Friday, hitting $61.63. 75,122 shares of the company’s stock were exchanged, compared to its average volume of 6,113,191. Cognizant Technology Solutions Corp has a 12-month low of $56.73 and a 12-month high of $83.35. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.90 and a quick ratio of 2.90. The company has a market cap of $35.38 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.57 and a beta of 1.05.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Thursday, May 2nd. The information technology service provider reported $0.91 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by ($0.12). Cognizant Technology Solutions had a return on equity of 21.50% and a net margin of 12.39%. The business had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.16 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Cognizant Technology Solutions Corp will post 3.91 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Wednesday, May 22nd were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, May 21st. This represents a $0.80 annualized dividend and a yield of 1.30%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 19.90%.
A number of equities research analysts have weighed in on the company. Wells Fargo & Co lowered Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $82.00 to $75.00 in a research report on Tuesday, April 16th. BMO Capital Markets cut their price target on Cognizant Technology Solutions from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. Wedbush downgraded Cognizant Technology Solutions from an “outperform” rating to a “neutral” rating and cut their price target for the company from $80.00 to $70.00 in a report on Friday, May 3rd. ValuEngine downgraded Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Finally, Morgan Stanley set a $64.00 price target on Cognizant Technology Solutions and gave the company a “sell” rating in a report on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $75.55.
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About Cognizant Technology Solutions
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 analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.
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