Summit Trail Advisors LLC increased its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 6,790.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 186,737 shares of the information technology service provider’s stock after buying an additional 184,027 shares during the quarter. Summit Trail Advisors LLC’s holdings in Cognizant Technology Solutions were worth $187,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Rainier Group Investment Advisory LLC purchased a new stake in Cognizant Technology Solutions in the first quarter valued at $100,000. Clearbridge Investments LLC raised its position in Cognizant Technology Solutions by 101.2% in the fourth quarter. Clearbridge Investments LLC now owns 1,616 shares of the information technology service provider’s stock valued at $115,000 after purchasing an additional 813 shares during the period. Bray Capital Advisors purchased a new stake in Cognizant Technology Solutions in the first quarter valued at $161,000. Sentry Investment Management LLC purchased a new stake in Cognizant Technology Solutions in the first quarter valued at $180,000. Finally, 180 Wealth Advisors LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter valued at $202,000. Hedge funds and other institutional investors own 88.05% of the company’s stock.
Cognizant Technology Solutions opened at $78.45 on Wednesday, according to Marketbeat. The company has a quick ratio of 3.64, a current ratio of 3.64 and a debt-to-equity ratio of 0.06. The firm has a market cap of $45.68 billion, a P/E ratio of 22.22, a P/E/G ratio of 1.49 and a beta of 1.05. Cognizant Technology Solutions Corp has a 12 month low of $65.60 and a 12 month high of $85.10.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Monday, May 7th. The information technology service provider reported $1.06 earnings per share for the quarter, meeting the consensus estimate of $1.06. The company had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.90 billion. Cognizant Technology Solutions had a return on equity of 20.48% and a net margin of 9.67%. The company’s revenue was up 10.3% on a year-over-year basis. During the same period last year, the firm earned $0.84 earnings per share. research analysts forecast that Cognizant Technology Solutions Corp will post 4.16 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 31st. Stockholders of record on Tuesday, May 22nd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, May 21st. This represents a $0.80 annualized dividend and a dividend yield of 1.02%. Cognizant Technology Solutions’s dividend payout ratio is presently 22.66%.
A number of research firms have commented on CTSH. Morgan Stanley reduced their target price on Cognizant Technology Solutions to $88.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 8th. BidaskClub upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Saturday, June 16th. Zacks Investment Research downgraded Cognizant Technology Solutions from a “buy” rating to a “sell” rating in a research report on Wednesday, May 9th. Sanford C. Bernstein began coverage on Cognizant Technology Solutions in a research report on Wednesday, March 28th. They issued a “market perform” rating and a $57.50 target price on the stock. Finally, Pivotal Research restated a “buy” rating and issued a $91.00 target price on shares of Cognizant Technology Solutions in a research report on Monday, May 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $86.09.
In other news, insider Sean Middleton sold 650 shares of the firm’s stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $80.64, for a total transaction of $52,416.00. Following the completion of the sale, the insider now directly owns 4,292 shares in the company, valued at $346,106.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sumithra Gomatam sold 1,597 shares of the firm’s stock in a transaction dated Monday, June 4th. The shares were sold at an average price of $77.02, for a total value of $123,000.94. Following the sale, the insider now owns 6,312 shares of the company’s stock, valued at $486,150.24. The disclosure for this sale can be found here. Insiders have sold 25,946 shares of company stock valued at $2,028,506 over the last 90 days. Insiders own 0.60% of the company’s stock.
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 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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