Freedom Investment Management Inc. Decreases Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Freedom Investment Management Inc. decreased its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 16.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,386 shares of the information technology service provider’s stock after selling 684 shares during the quarter. Freedom Investment Management Inc.’s holdings in Cognizant Technology Solutions were worth $261,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CTSH. Townsquare Capital LLC raised its holdings in Cognizant Technology Solutions by 19.1% in the 3rd quarter. Townsquare Capital LLC now owns 20,701 shares of the information technology service provider’s stock valued at $1,598,000 after acquiring an additional 3,324 shares during the last quarter. Transamerica Financial Advisors Inc. grew its position in shares of Cognizant Technology Solutions by 56.9% in the third quarter. Transamerica Financial Advisors Inc. now owns 2,412 shares of the information technology service provider’s stock valued at $187,000 after purchasing an additional 875 shares in the last quarter. Avestar Capital LLC increased its holdings in shares of Cognizant Technology Solutions by 12.5% in the third quarter. Avestar Capital LLC now owns 6,594 shares of the information technology service provider’s stock valued at $509,000 after purchasing an additional 735 shares during the last quarter. Qsemble Capital Management LP purchased a new position in Cognizant Technology Solutions during the third quarter worth approximately $335,000. Finally, Bank of Montreal Can boosted its stake in Cognizant Technology Solutions by 29.7% during the third quarter. Bank of Montreal Can now owns 2,748,982 shares of the information technology service provider’s stock worth $211,369,000 after buying an additional 628,970 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Down 0.3 %

Cognizant Technology Solutions stock opened at $80.49 on Monday. The firm has a market capitalization of $39.91 billion, a P/E ratio of 17.81, a P/E/G ratio of 2.22 and a beta of 1.05. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $82.41. The stock’s fifty day simple moving average is $77.45 and its 200-day simple moving average is $73.78.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the company earned $1.16 EPS. Cognizant Technology Solutions’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, equities analysts expect that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is presently 26.55%.

Analysts Set New Price Targets

CTSH has been the topic of several analyst reports. TD Cowen lifted their price target on Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Robert W. Baird raised their price target on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Cognizant Technology Solutions presently has a consensus rating of “Hold” and an average price target of $79.47.

Cognizant Technology Solutions 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.