Cognizant Technology Solutions (NASDAQ:CTSH) Sets New 1-Year High – Here’s What Happened

Cognizant Technology Solutions Co. (NASDAQ:CTSH)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $82.22 and last traded at $82.11, with a volume of 438493 shares trading hands. The stock had previously closed at $81.74.

Analyst Upgrades and Downgrades

CTSH has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They set a “buy” rating and a $90.00 target price on the stock. Mizuho raised their target price on Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, November 1st. StockNews.com downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Royal Bank of Canada lifted their price objective on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 28th. Finally, Barclays lifted their price objective on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $78.83.

Cognizant Technology Solutions Stock Performance

The stock has a market capitalization of $40.05 billion, a P/E ratio of 17.87, a P/E/G ratio of 2.27 and a beta of 1.05. The stock has a 50 day moving average of $76.74 and a 200 day moving average of $72.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last released 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 return on equity of 17.08% and a net margin of 11.60%. The company had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the prior year, the business posted $1.16 earnings per share. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. Equities analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.49%. Cognizant Technology Solutions’s payout ratio is 26.55%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Concurrent Investment Advisors LLC acquired a new stake in shares of Cognizant Technology Solutions in the first quarter valued at $211,000. Avantax Advisory Services Inc. lifted its holdings in shares of Cognizant Technology Solutions by 5.6% in the first quarter. Avantax Advisory Services Inc. now owns 5,702 shares of the information technology service provider’s stock valued at $418,000 after buying an additional 302 shares during the period. Bleakley Financial Group LLC lifted its holdings in shares of Cognizant Technology Solutions by 5.3% in the first quarter. Bleakley Financial Group LLC now owns 6,514 shares of the information technology service provider’s stock valued at $477,000 after buying an additional 329 shares during the period. Blair William & Co. IL lifted its holdings in shares of Cognizant Technology Solutions by 2.5% in the first quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock valued at $1,231,000 after buying an additional 412 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Cognizant Technology Solutions by 0.3% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,276,203 shares of the information technology service provider’s stock valued at $92,210,000 after buying an additional 3,716 shares during the period. Institutional investors own 92.44% of the company’s stock.

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.