Concurrent Investment Advisors LLC Increases Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Concurrent Investment Advisors LLC increased its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 14.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,961 shares of the information technology service provider’s stock after acquiring an additional 753 shares during the period. Concurrent Investment Advisors LLC’s holdings in Cognizant Technology Solutions were worth $460,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CTSH. 1620 Investment Advisors Inc. purchased a new stake in Cognizant Technology Solutions during the second quarter valued at about $25,000. LRI Investments LLC purchased a new stake in Cognizant Technology Solutions during the first quarter valued at about $28,000. Pinnacle Bancorp Inc. boosted its position in Cognizant Technology Solutions by 47.4% during the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock valued at $35,000 after buying an additional 146 shares during the period. Benjamin Edwards Inc. boosted its position in Cognizant Technology Solutions by 42.1% during the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock valued at $36,000 after buying an additional 158 shares during the period. Finally, Eastern Bank purchased a new stake in Cognizant Technology Solutions during the third quarter valued at about $37,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTSH has been the subject of several analyst reports. Barclays upped their price target on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. TD Cowen increased their target price on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $73.00 to $75.00 in a report on Wednesday, August 7th. The Goldman Sachs Group reiterated a “neutral” rating and set a $76.00 target price on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. Finally, JPMorgan Chase & Co. increased their target price on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $78.83.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ CTSH opened at $80.31 on Monday. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $81.75. The company has a 50 day simple moving average of $76.47 and a two-hundred day simple moving average of $72.39. The company has a market capitalization of $39.82 billion, a price-to-earnings ratio of 17.77, a P/E/G ratio of 2.19 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter last year, the firm earned $1.16 earnings per share. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. Analysts expect that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 26.55%.

Cognizant Technology Solutions Company Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.