Creative Planning Buys 3,518 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Creative Planning increased its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 8.6% in the third quarter, Holdings Channel reports. The fund owned 44,423 shares of the information technology service provider’s stock after purchasing an additional 3,518 shares during the quarter. Creative Planning’s holdings in Cognizant Technology Solutions were worth $3,429,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Blair William & Co. IL lifted its stake in shares of Cognizant Technology Solutions by 2.5% during the first quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock worth $1,231,000 after buying an additional 412 shares during the period. Duality Advisers LP purchased a new position in Cognizant Technology Solutions in the 1st quarter worth approximately $1,687,000. Norden Group LLC purchased a new position in Cognizant Technology Solutions during the first quarter worth approximately $233,000. Van ECK Associates Corp boosted its holdings in Cognizant Technology Solutions by 15.4% in the 1st quarter. Van ECK Associates Corp now owns 147,345 shares of the information technology service provider’s stock valued at $10,799,000 after purchasing an additional 19,690 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in Cognizant Technology Solutions by 8.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 650,385 shares of the information technology service provider’s stock valued at $47,667,000 after acquiring an additional 53,061 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. Jefferies Financial Group began coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a “buy” rating and a $90.00 target price on the stock. The Goldman Sachs Group reissued a “neutral” rating and issued a $76.00 price target on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. StockNews.com downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Daiwa America raised Cognizant Technology Solutions to a “hold” rating in a report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions presently has a consensus rating of “Hold” and an average target price of $77.58.

Cognizant Technology Solutions Stock Down 0.1 %

CTSH stock opened at $74.82 on Friday. The firm’s 50-day moving average is $76.52 and its two-hundred day moving average is $71.79. The company has a market capitalization of $37.20 billion, a price-to-earnings ratio of 17.99, a price-to-earnings-growth ratio of 2.16 and a beta of 1.05. Cognizant Technology Solutions Co. has a 52 week low of $62.14 and a 52 week high of $80.27. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its 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 return on equity of 17.31% and a net margin of 11.39%. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $1.10 earnings per share. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. On average, analysts forecast that Cognizant Technology Solutions Co. will post 4.62 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

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

Insider Buying and Selling at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of Cognizant Technology Solutions stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the transaction, the chief executive officer now owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.26% of the stock is owned by corporate insiders.

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.