Seven Eight Capital LP bought a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) 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 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.
Read Our Latest Stock Report on CTSH
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.
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