Assetmark Inc. Grows Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Assetmark Inc. grew its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 2.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 573,922 shares of the information technology service provider’s stock after buying an additional 12,701 shares during the period. Assetmark Inc.’s holdings in Cognizant Technology Solutions were worth $44,295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CTSH. Pinnacle Bancorp Inc. raised its stake in Cognizant Technology Solutions by 47.4% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock worth $35,000 after acquiring an additional 146 shares during the last quarter. Benjamin Edwards Inc. raised its stake in shares of Cognizant Technology Solutions by 42.1% in the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock worth $36,000 after purchasing an additional 158 shares during the last quarter. Choate Investment Advisors lifted its holdings in shares of Cognizant Technology Solutions by 0.4% during the first quarter. Choate Investment Advisors now owns 48,552 shares of the information technology service provider’s stock worth $3,558,000 after purchasing an additional 180 shares during the period. V Square Quantitative Management LLC boosted its position in Cognizant Technology Solutions by 1.8% in the third quarter. V Square Quantitative Management LLC now owns 11,169 shares of the information technology service provider’s stock valued at $862,000 after buying an additional 194 shares during the last quarter. Finally, First Personal Financial Services increased its holdings in Cognizant Technology Solutions by 0.6% in the 2nd quarter. First Personal Financial Services now owns 34,893 shares of the information technology service provider’s stock worth $2,373,000 after buying an additional 195 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Price Performance

Shares of Cognizant Technology Solutions stock opened at $80.31 on Friday. The stock has a market capitalization of $39.82 billion, a P/E ratio of 17.77, a PEG ratio of 2.19 and a beta of 1.05. The business has a 50 day simple moving average of $76.47 and a two-hundred day simple moving average of $72.36. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $81.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.15 by $0.10. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the company earned $1.16 EPS. The firm’s revenue was up 3.0% compared to the same quarter last year. As a group, analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

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

Analyst Upgrades and Downgrades

CTSH has been the subject of several research reports. The Goldman Sachs Group restated a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Deutsche Bank Aktiengesellschaft increased their price target on Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. TD Cowen boosted their price objective on Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “hold” rating in a report on Thursday, October 31st. Barclays raised their target price on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Mizuho boosted their price target on Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Cognizant Technology Solutions has a consensus rating of “Hold” and a consensus price target of $78.83.

About Cognizant Technology Solutions

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.