Graypoint LLC Has $291,000 Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Graypoint LLC increased its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 8.2% in the second quarter, HoldingsChannel reports. The firm owned 4,276 shares of the information technology service provider’s stock after purchasing an additional 325 shares during the period. Graypoint LLC’s holdings in Cognizant Technology Solutions were worth $291,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. 1620 Investment Advisors Inc. bought a new stake in Cognizant Technology Solutions during the 2nd quarter worth approximately $25,000. LRI Investments LLC bought a new stake in shares of Cognizant Technology Solutions during the first quarter worth $28,000. Spire Wealth Management increased its stake in shares of Cognizant Technology Solutions by 79.1% in the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 193 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at $40,000. Finally, Unique Wealth Strategies LLC bought a new position in shares of Cognizant Technology Solutions in the second quarter valued at about $40,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CTSH shares. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. Jefferies Financial Group initiated coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a “buy” rating and a $90.00 price target on the stock. Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. Mizuho reiterated a “neutral” rating and issued a $82.00 price objective on shares of Cognizant Technology Solutions in a research report on Tuesday, June 11th. Finally, The Goldman Sachs Group boosted their target price on Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and an average target price of $76.61.

Insider Transactions at Cognizant Technology Solutions

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value 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 approximately $3,419,812.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is currently owned by insiders.

Cognizant Technology Solutions Stock Up 0.8 %

Cognizant Technology Solutions stock opened at $77.77 on Tuesday. Cognizant Technology Solutions Co. has a fifty-two week low of $62.14 and a fifty-two week high of $80.27. 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 firm has a market capitalization of $38.55 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 2.21 and a beta of 1.05. The company’s 50 day simple moving average is $73.17 and its 200 day simple moving average is $71.53.

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

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 annualized dividend and a dividend yield of 1.54%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 28.85%.

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.