Cognizant Technology Solutions Co. (NASDAQ:CTSH) Stake Increased by Geode Capital Management LLC

Geode Capital Management LLC raised its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,280,223 shares of the information technology service provider’s stock after acquiring an additional 173,667 shares during the quarter. Geode Capital Management LLC owned approximately 2.68% of Cognizant Technology Solutions worth $1,022,728,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. raised its holdings in shares of 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 worth $35,000 after purchasing an additional 146 shares during the period. Benjamin Edwards Inc. grew its holdings in shares of 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 purchasing an additional 158 shares during the last quarter. Addison Advisors LLC grew its holdings in shares of Cognizant Technology Solutions by 127.7% during the third quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock valued at $26,000 after purchasing an additional 189 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of Cognizant Technology Solutions by 32.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 786 shares of the information technology service provider’s stock worth $61,000 after purchasing an additional 193 shares during the period. Finally, V Square Quantitative Management LLC boosted its position in Cognizant Technology Solutions by 1.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 11,169 shares of the information technology service provider’s stock valued at $862,000 after purchasing an additional 194 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Royal Bank of Canada increased their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 28th. Robert W. Baird upped their price objective on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. Daiwa America upgraded Cognizant Technology Solutions to a “hold” rating in a report on Tuesday, August 27th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $76.00 price target on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.47.

Cognizant Technology Solutions Stock Performance

CTSH opened at $81.25 on Thursday. The stock has a market cap of $40.29 billion, a PE ratio of 17.98, a P/E/G ratio of 2.24 and a beta of 1.06. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08. The stock’s 50 day simple moving average is $78.02 and its 200-day simple moving average is $74.34. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $82.41.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the prior year, the firm posted $1.16 EPS. Cognizant Technology Solutions’s quarterly revenue was up 3.0% compared to the same quarter last year. Sell-side analysts forecast that Cognizant Technology Solutions Co. will post 4.66 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.48%. The ex-dividend date was Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is currently 26.55%.

Insider Buying and Selling at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CAO John Sunshin Kim sold 5,000 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total value of $400,550.00. Following the completion of the transaction, the chief accounting officer now owns 39,022 shares in the company, valued at approximately $3,126,052.42. The trade was a 11.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.26% 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 in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.