ICICI Prudential Asset Management Co Ltd Buys 1,009 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

ICICI Prudential Asset Management Co Ltd grew its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 0.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 285,125 shares of the information technology service provider’s stock after buying an additional 1,009 shares during the quarter. Cognizant Technology Solutions accounts for about 2.3% of ICICI Prudential Asset Management Co Ltd’s portfolio, making the stock its 7th largest holding. ICICI Prudential Asset Management Co Ltd owned about 0.06% of Cognizant Technology Solutions worth $22,006,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. 1620 Investment Advisors Inc. purchased a new position in Cognizant Technology Solutions during the second quarter worth approximately $25,000. Addison Advisors LLC lifted its position in shares of Cognizant Technology Solutions by 127.7% during the 3rd quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock valued at $26,000 after buying an additional 189 shares in the last quarter. LRI Investments LLC purchased a new stake in Cognizant Technology Solutions in the 1st quarter worth $28,000. Ashton Thomas Securities LLC acquired a new position in Cognizant Technology Solutions during the third quarter worth $30,000. Finally, Pinnacle Bancorp Inc. lifted its holdings 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 purchasing an additional 146 shares in the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on CTSH. Barclays upped their price target on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and raised their target price for the company from $73.00 to $75.00 in a research report on Wednesday, August 7th. Daiwa America upgraded Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. Mizuho raised their price objective on Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. increased their target price on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $78.83.

Cognizant Technology Solutions Trading Up 0.0 %

Shares of CTSH stock traded up $0.01 on Wednesday, hitting $81.75. The stock had a trading volume of 307,413 shares, compared to its average volume of 3,801,104. The company’s 50 day moving average price is $76.64 and its 200-day moving average price is $72.63. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $82.19. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23. The firm has a market capitalization of $40.53 billion, a P/E ratio of 18.08, a P/E/G ratio of 2.25 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. The business’s quarterly revenue was up 3.0% on a year-over-year basis. Analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s payout ratio 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.