Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by SP Asset Management LLC

SP Asset Management LLC decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 2.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,783 shares of the information technology service provider’s stock after selling 1,041 shares during the quarter. SP Asset Management LLC’s holdings in Cognizant Technology Solutions were worth $3,598,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Inceptionr LLC acquired a new position in Cognizant Technology Solutions during the 4th quarter valued at approximately $1,409,000. Raymond James Financial Inc. acquired a new position in Cognizant Technology Solutions during the 4th quarter valued at approximately $27,114,000. Proficio Capital Partners LLC acquired a new position in Cognizant Technology Solutions during the 4th quarter valued at approximately $10,059,000. Assetmark Inc. boosted its position in Cognizant Technology Solutions by 2.0% during the 4th quarter. Assetmark Inc. now owns 585,627 shares of the information technology service provider’s stock valued at $45,035,000 after purchasing an additional 11,705 shares during the period. Finally, Keybank National Association OH boosted its position in Cognizant Technology Solutions by 21.8% during the 4th quarter. Keybank National Association OH now owns 21,465 shares of the information technology service provider’s stock valued at $1,651,000 after purchasing an additional 3,837 shares during the period. Institutional investors and hedge funds own 92.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CTSH. BMO Capital Markets boosted their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research report on Thursday, February 6th. UBS Group lifted their target price on Cognizant Technology Solutions from $83.00 to $86.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Barclays lifted their target price on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Finally, Morgan Stanley lifted their target price on Cognizant Technology Solutions from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. Sixteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $83.67.

Cognizant Technology Solutions Trading Up 0.7 %

Shares of NASDAQ CTSH opened at $84.29 on Thursday. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82. The company has a market cap of $41.69 billion, a price-to-earnings ratio of 18.69, a P/E/G ratio of 2.11 and a beta of 1.12. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The business has a fifty day simple moving average of $81.82 and a 200-day simple moving average of $79.16.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. Sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.47%. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, February 18th. Cognizant Technology Solutions’s payout ratio is presently 27.49%.

Cognizant Technology Solutions 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.