AllSpring Global Investment Holdings LLC increased its stake in Cognizant Technology Solutions, Inc. (NASDAQ:CTSH – Free Report) during the fourth quarter, according to its latest 13F filing with the Securities and Exchange Commission. The price was raised by 255.4%. The fund now owns 382,051 shares of the information technology services provider's stock after purchasing an additional 274,548 shares during the quarter. Allspring Global Investments Holdings LLC owned his 0.08% stake in Cognizant Technology Solutions valued at $28,856,000 as of its latest filing with the Securities and Exchange Commission.
Several other hedge funds and institutional investors have also recently modified their positions in CTSH. Norges Bank bought new shares of his Cognizant Technology Solutions during the 4th quarter valued at approximately $374,413,000. JPMorgan Chase & Co. increased its holdings in shares of Cognizant Technology Solutions by 84.6% in the 1st quarter. JPMorgan Chase & Co. now owns 13,148,963 shares of the information technology services provider's stock valued at $801,166,000 after acquiring an additional 6,027,057 shares during the last quarter. National Bank of Canada FI increased his holdings in shares of Cognizant Technology Solutions by 69.3% in the 3rd quarter. National Bank of Canada FI now owns 4,368,034 shares of the information technology services provider's stock valued at $295,978,000 after acquiring an additional 1,788,329 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Cognizant Technology Solutions by 53.4% in the 4th quarter. Lazard Asset Management LLC now owns 3,551,475 shares of the information technology services provider's stock valued at $203,107,000 after acquiring an additional 1,236,165 shares during the last quarter. Finally, Hudson Bay Capital Management LP purchased new shares of his Cognizant Technology Solutions during the 3rd quarter valued at approximately $53,176,000. 92.44% of the stock is held by institutional investors.
Wall Street Analysts Share Their Opinions
Many equity research analysts have expressed their opinions on stock prices. BMO Capital Markets lowered their target price on shares of Cognizant Technology Solutions from $88.00 to $85.00 and set a “market perform” rating on the stock in a report on Wednesday, February 7th. Jefferies Financial Group upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and increased their price objective for the company from $70.00 to $85.00 in a research note on Thursday, January 11th. Ta. Societe Generale reaffirmed a “sell” rating and set a $67.00 price objective on shares of Cognizant Technology Solutions in a research note on Friday, January 5th. Wolfe Research upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “peer perform” rating in a research note on Thursday, January 4th. Finally, Guggenheim initiated coverage on shares of Cognizant Technologies His Solutions in a research note on Tuesday, March 19th. They gave the stock a “neutral” rating and a $80.00 price target. 2 research analysts have rated the stock with a sell rating, 12 have rated it with a hold rating, and 5 have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $75.65.
Get the latest stock reports on CTSH
Cognizant Technology Solutions shares fell 1.9%
Cognizant Technology Solutions shares opened at $69.26 on Friday. The company has a quick ratio of 2.25, a current ratio of 2.25, and a debt-to-equity ratio of 0.05. The company's 50 day moving average is $75.47 and its 200 day moving average is $72.54. Cognizant Technology Solutions stock has had a 12-month low of $58.09 and a 12-month high of $80.09. The company has a market capitalization of $34.48 billion, a P/E ratio of 16.49x, a PEG ratio of 1.61x, and a beta of 1.06x.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last released its quarterly earnings data on Tuesday, February 6th. The information technology services provider reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.14. Cognizant Technology Solutions had a net profit margin of 10.98% and a return on equity of 17.83%. The company had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.76 billion. In the same period last year, the company's earnings per share were $1.01. Revenue from this business decreased by 1.7% compared to the same period last year. As a group, sell-side analysts expect Cognizant Technology Solutions to post EPS of $4.6 for the current fiscal year.
Cognizant Technology Solutions increases dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were issued a dividend of $0.30 per share. This is an increase from Cognizant Technology Solutions' previous quarterly dividend of $0.29. The ex-dividend date was Friday, February 16th. This equates to an annualized dividend of $1.20 and a yield of 1.73%. Cognizant Technology Solutions' dividend payout ratio is currently 28.57%.
Insiders place bets
In other Cognizant Technology Solutions news, EVP Kathryn Diaz sold 900 shares of the company's stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total transaction of $69,354.00. Following the transaction, the executive vice president now owns 8,312 shares of the company's stock, valued at $640,522.72. The transaction was disclosed in his SEC filing, which can be accessed through this link. Company insiders own 0.27% of the company's stock.
About Cognizant Technology Solutions
(Free report)
Cognizant Technology Solutions Corporation is a professional services company providing consulting and technology and outsourcing services in North America, Europe, and internationally. The company operates through four segments: Financial Services, Health Sciences, Products & Resources, Communications, and Media & Technology.
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Curious if other hedge funds own CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider transactions for Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report).
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