NorthCrest Asset Manangement LLC Buys 4,582 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

NorthCrest Asset Manangement LLC lifted its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 96,850 shares of the information technology service provider’s stock after acquiring an additional 4,582 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Cognizant Technology Solutions were worth $6,586,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. LRI Investments LLC bought a new stake in Cognizant Technology Solutions during the first quarter valued at about $28,000. Spire Wealth Management boosted its stake in Cognizant Technology Solutions by 79.1% during the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 193 shares during the period. Neo Ivy Capital Management acquired a new stake in Cognizant Technology Solutions in the 4th quarter valued at approximately $40,000. Quarry LP bought a new position in Cognizant Technology Solutions in the 4th quarter worth approximately $43,000. Finally, Voisard Asset Management Group Inc. acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth approximately $45,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on CTSH. Wedbush restated an “outperform” rating and issued a $85.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, May 2nd. Barclays boosted their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Mizuho reiterated a “neutral” rating and issued a $82.00 target price on shares of Cognizant Technology Solutions in a research note on Tuesday, June 11th. Royal Bank of Canada boosted their price target on Cognizant Technology Solutions from $77.00 to $81.00 and gave the company a “sector perform” rating in a research note on Thursday, August 1st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Cognizant Technology Solutions has a consensus rating of “Hold” and a consensus target price of $76.06.

Insider Transactions at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of Cognizant Technology Solutions stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded down $0.10 on Wednesday, hitting $74.17. The company had a trading volume of 251,614 shares, compared to its average volume of 4,136,043. The stock has a market cap of $36.88 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 2.26 and a beta of 1.05. The stock has a 50 day moving average price of $70.35 and a 200 day moving average price of $71.63. Cognizant Technology Solutions Co. has a 1-year low of $62.14 and a 1-year high of $80.27. The company has a current ratio of 2.46, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.05. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the business earned $1.10 EPS. Cognizant Technology Solutions’s quarterly revenue was down .7% on a year-over-year basis. Analysts expect that Cognizant Technology Solutions Co. will post 4.65 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Tuesday, August 20th. Cognizant Technology Solutions’s dividend payout ratio is 28.85%.

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.