Profund Advisors LLC lifted its position in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 14.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,142 shares of the information technology service provider’s stock after purchasing an additional 6,169 shares during the quarter. Profund Advisors LLC’s holdings in Cognizant Technology Solutions were worth $3,110,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Moser Wealth Advisors LLC purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter worth about $31,000. Penserra Capital Management LLC raised its position in Cognizant Technology Solutions by 40.0% during the fourth quarter. Penserra Capital Management LLC now owns 588 shares of the information technology service provider’s stock valued at $36,000 after acquiring an additional 168 shares in the last quarter. Simon Quick Advisors LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $37,000. S.A. Mason LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $48,000. Finally, Orion Portfolio Solutions LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $68,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.
CTSH traded up $2.13 during trading on Thursday, hitting $49.82. The company’s stock had a trading volume of 5,291,000 shares, compared to its average volume of 4,460,064. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.13. Cognizant Technology Solutions Corp has a twelve month low of $40.01 and a twelve month high of $74.85. The business’s fifty day simple moving average is $60.26 and its 200 day simple moving average is $61.55. The firm has a market capitalization of $25.46 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 1.04 and a beta of 0.88.
The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.77%. Cognizant Technology Solutions’s payout ratio is currently 22.06%.
Cognizant Technology Solutions announced that its Board of Directors has initiated a share buyback program on Wednesday, February 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information technology service provider to purchase up to 5.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
Several research analysts recently weighed in on CTSH shares. Needham & Company LLC reiterated a “sell” rating on shares of Cognizant Technology Solutions in a research report on Friday, March 20th. TheStreet cut Cognizant Technology Solutions from a “b-” rating to a “c” rating in a research report on Thursday, March 19th. Atlantic Securities started coverage on Cognizant Technology Solutions in a research report on Wednesday, February 19th. They set an “underweight” rating and a $65.00 price target for the company. Wells Fargo & Co lifted their price target on Cognizant Technology Solutions from $73.00 to $76.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Morgan Stanley started coverage on Cognizant Technology Solutions in a research report on Wednesday, February 26th. They set an “underweight” rating and a $59.00 price target for the company. Nine research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company. Cognizant Technology Solutions currently has an average rating of “Hold” and an average target price of $67.78.
In other news, General Counsel Matthew W. Friedrich sold 9,890 shares of Cognizant Technology Solutions stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $61.19, for a total value of $605,169.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Francisco Dsouza sold 62,177 shares of Cognizant Technology Solutions stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $60.87, for a total value of $3,784,713.99. Following the completion of the sale, the director now directly owns 289,564 shares in the company, valued at $17,625,760.68. The disclosure for this sale can be found here. Insiders sold 176,314 shares of company stock worth $10,810,696 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.
Cognizant Technology Solutions Company Profile
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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