Cognizant Technology Solutions (NASDAQ:CTSH) Sets New 1-Year High - Here's What Happened

Cognizant Technology Solutions Co. (NASDAQ:CTSH - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $82.46 and last traded at $82.08, with a volume of 462972 shares traded. The stock had previously closed at $80.70.

Analyst Ratings Changes

Several equities research analysts recently commented on CTSH shares. Royal Bank of Canada lifted their target price on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 28th. Daiwa America upgraded Cognizant Technology Solutions to a "hold" rating in a report on Tuesday, August 27th. StockNews.com lowered shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a research note on Friday, November 8th. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. Finally, Jefferies Financial Group started coverage on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a "buy" rating and a $90.00 price objective on the stock. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $80.35.

Cognizant Technology Solutions Stock Up 0.4 %

The stock has a 50 day simple moving average of $78.44 and a 200 day simple moving average of $74.85. The firm has a market capitalization of $40.18 billion, a PE ratio of 17.93, a PEG ratio of 2.24 and a beta of 1.06. 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 (NASDAQ:CTSH - Get Free Report) last announced its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.10. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The business's revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.16 EPS. As a group, sell-side analysts forecast that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Tuesday, November 19th. Cognizant Technology Solutions's dividend payout ratio is currently 26.55%.

Insider Buying and Selling

In other news, CAO John Sunshin Kim sold 5,000 shares of the business's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total value of $400,550.00. Following the transaction, the chief accounting officer now directly owns 39,022 shares in the company, valued at $3,126,052.42. The trade was a 11.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. bought a new stake in shares of Cognizant Technology Solutions during the 2nd quarter worth approximately $25,000. Addison Advisors LLC boosted its position in shares of Cognizant Technology Solutions by 127.7% in the 3rd quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider's stock worth $26,000 after purchasing an additional 189 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in Cognizant Technology Solutions during the 3rd quarter valued at about $30,000. Pinnacle Bancorp Inc. boosted its holdings in Cognizant Technology Solutions by 47.4% in the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider's stock worth $35,000 after acquiring an additional 146 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its stake in shares of Cognizant Technology Solutions by 42.1% during the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider's stock worth $36,000 after acquiring an additional 158 shares during the last quarter. 92.44% of the stock is owned by institutional investors.

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.