Assenagon Asset Management S.A. Increases Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Assenagon Asset Management S.A. lifted its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 5.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,681,530 shares of the information technology service provider's stock after purchasing an additional 93,002 shares during the period. Assenagon Asset Management S.A. owned 0.34% of Cognizant Technology Solutions worth $129,310,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTSH. International Assets Investment Management LLC bought a new position in Cognizant Technology Solutions during the 3rd quarter worth $1,972,000. Retirement Systems of Alabama grew its stake in Cognizant Technology Solutions by 3.5% during the third quarter. Retirement Systems of Alabama now owns 1,187,850 shares of the information technology service provider's stock worth $91,678,000 after buying an additional 40,226 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Cognizant Technology Solutions by 12.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 101,420 shares of the information technology service provider's stock worth $7,828,000 after acquiring an additional 11,349 shares during the period. Trinity Legacy Partners LLC increased its stake in Cognizant Technology Solutions by 14.3% in the third quarter. Trinity Legacy Partners LLC now owns 60,291 shares of the information technology service provider's stock valued at $4,629,000 after acquiring an additional 7,547 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Cognizant Technology Solutions by 5.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 119,570 shares of the information technology service provider's stock valued at $9,228,000 after purchasing an additional 6,626 shares in the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cognizant Technology Solutions news, CAO John Sunshin Kim sold 5,000 shares of the firm's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total value of $400,550.00. Following the completion of the sale, the chief accounting officer now directly owns 39,022 shares of the company's stock, valued at $3,126,052.42. This trade represents a 11.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.26% of the company's stock.

Analyst Upgrades and Downgrades

CTSH has been the subject of a number of research reports. Mizuho increased their target price on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the stock a "neutral" rating in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft raised their price objective on Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a "hold" rating in a report on Tuesday, October 22nd. Barclays raised Cognizant Technology Solutions from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $80.00 to $95.00 in a research note on Tuesday, December 17th. Robert W. Baird lifted their target price on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, October 31st. Fifteen investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $81.19.

Cognizant Technology Solutions Stock Up 0.8 %

Shares of NASDAQ CTSH traded up $0.61 during trading on Wednesday, hitting $77.78. 2,119,415 shares of the company traded hands, compared to its average volume of 2,613,474. The firm has a market capitalization of $38.56 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 2.21 and a beta of 1.06. The business's fifty day moving average is $79.09 and its 200 day moving average is $76.37. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $82.46.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, topping 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 business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the business earned $1.16 EPS. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. Equities research analysts predict that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Tuesday, November 19th. Cognizant Technology Solutions's payout ratio is 26.55%.

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.