Carret Asset Management LLC Invests $223,000 in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Carret Asset Management LLC purchased a new stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 2,892 shares of the information technology service provider’s stock, valued at approximately $223,000.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Cognizant Technology Solutions by 13.6% in the first quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock worth $4,254,178,000 after acquiring an additional 6,933,908 shares in the last quarter. Cibc World Market Inc. boosted its holdings in Cognizant Technology Solutions by 19,850.5% in the second quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock worth $205,096,000 after purchasing an additional 3,000,996 shares in the last quarter. Pzena Investment Management LLC increased its position in Cognizant Technology Solutions by 11.7% during the second quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after buying an additional 1,943,127 shares during the last quarter. Bank of Montreal Can increased its position in Cognizant Technology Solutions by 152.8% during the second quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider’s stock worth $146,132,000 after buying an additional 1,281,236 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Cognizant Technology Solutions by 276.9% during the third quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock valued at $122,603,000 after buying an additional 1,167,033 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Insider Activity at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total transaction of $495,584.48. Following the completion of the transaction, the chief executive officer now directly owns 46,427 shares in the company, valued at $3,419,812.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.26% of the stock is owned by insiders.

Cognizant Technology Solutions Trading Down 0.1 %

Shares of Cognizant Technology Solutions stock opened at $74.82 on Monday. Cognizant Technology Solutions Co. has a 52-week low of $62.14 and a 52-week high of $80.27. The firm has a market capitalization of $37.20 billion, a PE ratio of 17.99, a price-to-earnings-growth ratio of 2.16 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46. The company’s fifty day moving average price is $76.50 and its two-hundred day moving average price is $71.83.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.05. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.10 earnings per share. On average, analysts expect that Cognizant Technology Solutions Co. will post 4.62 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 annualized dividend and a dividend yield of 1.60%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.85%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CTSH. Jefferies Financial Group began coverage on Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a “buy” rating and a $90.00 price target for the company. JPMorgan Chase & Co. increased their price target on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. The Goldman Sachs Group restated a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Barclays upped 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. Finally, StockNews.com downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $77.58.

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.