Ashton Thomas Private Wealth LLC Cuts Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Ashton Thomas Private Wealth LLC reduced its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 4.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,175 shares of the information technology service provider’s stock after selling 1,371 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Cognizant Technology Solutions were worth $2,560,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Versor Investments LP bought a new stake in Cognizant Technology Solutions in the third quarter worth about $334,000. Delta Financial Advisors LLC boosted its holdings in Cognizant Technology Solutions by 11.5% during the 3rd quarter. Delta Financial Advisors LLC now owns 21,711 shares of the information technology service provider’s stock valued at $1,676,000 after acquiring an additional 2,246 shares during the period. Addison Advisors LLC grew its position in Cognizant Technology Solutions by 127.7% in the 3rd quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock valued at $26,000 after acquiring an additional 189 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Cognizant Technology Solutions in the third quarter worth $30,000. Finally, Assetmark Inc. lifted its position in shares of Cognizant Technology Solutions by 2.3% during the third quarter. Assetmark Inc. now owns 573,922 shares of the information technology service provider’s stock worth $44,295,000 after purchasing an additional 12,701 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH opened at $81.74 on Wednesday. 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 stock’s 50 day simple moving average is $76.54 and its 200-day simple moving average is $72.53. The company has a market cap of $40.53 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 2.21 and a beta of 1.05. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $82.19.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its 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. The company had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.16 EPS. As a group, equities research analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CTSH shares. Barclays lifted their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $73.00 to $75.00 in a report on Wednesday, August 7th. The Goldman Sachs Group restated a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. Robert W. Baird upped their target price on Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, October 31st. 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average 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.