Concurrent Investment Advisors LLC Purchases 2,323 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Concurrent Investment Advisors LLC increased its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 80.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,208 shares of the information technology service provider’s stock after acquiring an additional 2,323 shares during the period. Concurrent Investment Advisors LLC’s holdings in Cognizant Technology Solutions were worth $354,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CTSH. Vanguard Group Inc. grew its stake in shares of Cognizant Technology Solutions by 17.0% during the fourth quarter. Vanguard Group Inc. now owns 51,111,915 shares of the information technology service provider’s stock valued at $3,860,483,000 after purchasing an additional 7,445,089 shares during the last quarter. Norges Bank bought a new position in Cognizant Technology Solutions in the fourth quarter valued at about $406,360,000. Cibc World Markets Corp grew its position in shares of Cognizant Technology Solutions by 1,861.7% during the 4th quarter. Cibc World Markets Corp now owns 1,686,597 shares of the information technology service provider’s stock worth $127,389,000 after buying an additional 1,600,621 shares during the period. KBC Group NV lifted its holdings in Cognizant Technology Solutions by 2,083.8% in the fourth quarter. KBC Group NV now owns 1,422,912 shares of the information technology service provider’s stock valued at $107,473,000 after buying an additional 1,357,755 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Cognizant Technology Solutions by 129.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,904,263 shares of the information technology service provider’s stock worth $139,565,000 after acquiring an additional 1,073,666 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $76.77 on Wednesday. The firm has a market cap of $38.05 billion, a PE ratio of 18.45, a P/E/G ratio of 2.21 and a beta of 1.05. Cognizant Technology Solutions Co. has a 12 month low of $62.14 and a 12 month high of $80.27. The company’s fifty day simple moving average is $73.32 and its 200-day simple moving average is $71.53. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.12 by $0.05. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.10 EPS. Equities research analysts expect that Cognizant Technology Solutions Co. will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Tuesday, August 20th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 28.85%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CTSH. The Goldman Sachs Group raised their price target 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. Bank of America raised Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and upped their price target for the company from $73.00 to $75.00 in a research note on Wednesday, August 7th. Royal Bank of Canada lifted their price objective on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 28th. Jefferies Financial Group assumed coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 target price for the company. Finally, StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Cognizant Technology Solutions has a consensus 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 on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the transaction, the chief executive officer now directly owns 46,427 shares in the company, valued at $3,419,812.82. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.26% of the company’s stock.

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.