Bessemer Group Inc. reduced its stake in Cognizant Technology Solutions Inc. (NASDAQ:CTSH – free report ) by 44.9% during the first quarter, the company disclosed in its latest filing with the Securities and Exchange Commission (SEC). The firm sold 9,621 shares during the period and now holds 11,794 shares of the information technology services provider’s stock. Bessemer Group’s holdings of Cognizant Technology Solutions stock were worth $864,000 at the end of the latest reporting period.
A number of other hedge funds have also recently modified their positions in CTSH. Turtle Creek Wealth Advisors LLC purchased a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $26,000. Spire Wealth Management increased its holdings in Cognizant Technology Solutions by 79.1% in the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 193 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $40,000. Quarry LP purchased a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $43,000. Finally, Valley National Advisers Inc. increased its holdings in Cognizant Technology Solutions by 43.2% during the fourth quarter. Valley National Advisers Inc. now owns 590 shares of the information technology services provider’s stock, valued at $44,000, after purchasing an additional 178 shares during the last quarter. 92.44% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Rating Changes
CTSH has been the subject of several research reports. Susquehanna lowered their price target on Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating on the company in a research report on Thursday, May 2nd. Mizuho reset their price target on Cognizant Technology Solutions at $82.00 and set a neutral rating on the company in a report on Tuesday, June 11th. Needham & Company LLC reset their price target on Cognizant Technology Solutions to a “hold” rating in a research report on Monday, June 10th. Barclays raised their price target on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Citigroup lowered their price objective on Cognizant Technology Solutions from $90.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, April 22. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, and three have given a buy rating. According to data from MarketBeat.com, Cognizant Technology Solutions has a consensus rating of “hold” and an average price target of $75.75.
Check out the latest research report on CTSH
Price Performance for Cognizant Technology Solutions
Shares of NASDAQ CTSH opened at $74.57 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.35 and a quick ratio of 2.35. Cognizant Technology Solutions Inc.’s one year low and high are $62.14 and $80.09, respectively. The company’s 50-day moving average is $68.71 and 200-day moving average is $71.88. The company has a market cap of $37.08 billion, a P/E ratio of 17.93, a P/G ratio of 2.19 and a beta of 1.05.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report ) released its quarterly earnings on Wednesday, May 1st. The information technology services provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.01. The company’s revenue for the quarter was $4.76 billion, beating analyst expectations of $4.72 billion. Cognizant Technology Solutions had an ROE of 17.48% and a net margin of 10.84%. The company’s revenue decreased 1.1% year-over-year. During the same period last year, the company’s earnings per share were $1.11. On average, sell-side analysts expect Cognizant Technology Solutions to earn $4.61 earnings per share this year.
Cognizant Technology Solutions announces dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Monday, May 20th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, May 17th. This equates to an annualized dividend of $1.20 and a yield of 1.61%. Cognizant Technology Solutions has a dividend payout ratio of 28.85%.
About Cognizant Technology Solutions
(Free report)
Cognizant Technology Solutions Corporation is a professional services company providing consulting, technology and outsourcing services throughout North America, Europe and internationally. The company operates through four segments: Financial Services, Health Sciences, Products & Resources, and Communications, Media & Technology.
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