Cognizant Technology Solutions (CTSH) Hits New 12-Month High at $79.67

Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $79.67 and last traded at $78.11, with a volume of 4123300 shares traded. The stock had previously closed at $78.11.

A number of brokerages recently issued reports on CTSH. Zacks Investment Research upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research report on Tuesday. BidaskClub upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday. Credit Suisse Group set a $100.00 target price on shares of Cognizant Technology Solutions and gave the stock a “buy” rating in a research report on Friday, February 9th. Loop Capital raised their target price on shares of Cognizant Technology Solutions to $90.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Finally, Bank of America raised their target price on shares of Cognizant Technology Solutions from $86.00 to $89.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. Cognizant Technology Solutions presently has a consensus rating of “Buy” and an average price target of $84.32.

The company has a quick ratio of 3.29, a current ratio of 3.21 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $46,150.00, a P/E ratio of 31.67, a price-to-earnings-growth ratio of 1.47 and a beta of 1.11.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, February 7th. The information technology service provider reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.15. Cognizant Technology Solutions had a net margin of 10.15% and a return on equity of 19.94%. The business had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the firm posted $0.87 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. sell-side analysts expect that Cognizant Technology Solutions Corp will post 4.17 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Thursday, February 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Wednesday, February 21st. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.15. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 23.81%.

In other news, VP Malcolm Frank sold 9,462 shares of the firm’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $70.61, for a total value of $668,111.82. Following the transaction, the vice president now owns 15,533 shares of the company’s stock, valued at approximately $1,096,785.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Debashis Chatterjee sold 1,726 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $79.00, for a total transaction of $136,354.00. Following the completion of the transaction, the insider now directly owns 39,253 shares in the company, valued at approximately $3,100,987. The disclosure for this sale can be found here. In the last three months, insiders sold 994,079 shares of company stock worth $73,129,749. Insiders own 1.08% of the company’s stock.

Several hedge funds have recently modified their holdings of CTSH. Robecosam AG increased its stake in Cognizant Technology Solutions by 0.5% during the 4th quarter. Robecosam AG now owns 130,917 shares of the information technology service provider’s stock worth $9,346,000 after buying an additional 686 shares during the period. Stone Ridge Asset Management LLC purchased a new stake in Cognizant Technology Solutions during the 4th quarter worth $231,000. Cornercap Investment Counsel Inc. increased its stake in Cognizant Technology Solutions by 277.4% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 54,846 shares of the information technology service provider’s stock worth $3,895,000 after buying an additional 40,315 shares during the period. Guggenheim Capital LLC increased its stake in Cognizant Technology Solutions by 45.6% during the 4th quarter. Guggenheim Capital LLC now owns 1,405,976 shares of the information technology service provider’s stock worth $99,855,000 after buying an additional 440,643 shares during the period. Finally, Clearbridge Investments LLC increased its stake in Cognizant Technology Solutions by 101.2% during the 4th quarter. Clearbridge Investments LLC now owns 1,616 shares of the information technology service provider’s stock worth $115,000 after buying an additional 813 shares during the period. 86.87% of the stock is currently owned by institutional investors and hedge funds.

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About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

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