13,301 Shares in Cognizant Technology Solutions Co. (NASDAQ:CTSH) Purchased by Seven Eight Capital LP

Seven Eight Capital LP bought a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 13,301 shares of the information technology service provider’s stock, valued at approximately $904,000.

Several other hedge funds also recently bought and sold shares of CTSH. 1620 Investment Advisors Inc. purchased a new stake in shares of Cognizant Technology Solutions in the 2nd quarter valued at approximately $25,000. LRI Investments LLC purchased a new stake in Cognizant Technology Solutions in the first quarter valued at approximately $28,000. Neo Ivy Capital Management acquired a new position in Cognizant Technology Solutions during the fourth quarter worth $40,000. Unique Wealth Strategies LLC purchased a new position in shares of Cognizant Technology Solutions during the second quarter worth $40,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Cognizant Technology Solutions in the second quarter valued at $40,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 0.6 %

Shares of NASDAQ:CTSH opened at $75.64 on Friday. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.04. The firm has a 50 day simple moving average of $75.40 and a 200-day simple moving average of $71.43. The company has a market capitalization of $37.61 billion, a PE ratio of 18.18, a P/E/G ratio of 2.14 and a beta of 1.05. Cognizant Technology Solutions Co. has a twelve month low of $62.14 and a twelve month high of $80.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the firm posted $1.10 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was down .7% on a year-over-year basis. On average, equities analysts predict that Cognizant Technology Solutions Co. will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Tuesday, August 20th. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CTSH shares. Royal Bank of Canada raised their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a report on Wednesday, August 28th. Jefferies Financial Group assumed coverage on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price objective for the company. Barclays increased their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Finally, Mizuho reiterated a “neutral” rating and issued a $82.00 target price on shares of Cognizant Technology Solutions in a report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and a consensus price target of $77.44.

Insider Activity

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.26% of the company’s stock.

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.