denkapparat Operations GmbH Takes $256,000 Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

denkapparat Operations GmbH bought a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,332 shares of the information technology service provider's stock, valued at approximately $256,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CTSH. Vanguard Group Inc. increased its stake in Cognizant Technology Solutions by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider's stock worth $4,539,290,000 after acquiring an additional 515,881 shares during the last quarter. State Street Corp raised its holdings in Cognizant Technology Solutions by 3.6% in the 3rd quarter. State Street Corp now owns 24,985,816 shares of the information technology service provider's stock valued at $1,928,405,000 after buying an additional 867,176 shares during the period. Geode Capital Management LLC lifted its position in Cognizant Technology Solutions by 1.3% in the third quarter. Geode Capital Management LLC now owns 13,280,223 shares of the information technology service provider's stock valued at $1,022,728,000 after buying an additional 173,667 shares during the last quarter. Norges Bank purchased a new position in Cognizant Technology Solutions during the fourth quarter worth about $527,719,000. Finally, Boston Partners increased its position in shares of Cognizant Technology Solutions by 11.0% during the fourth quarter. Boston Partners now owns 3,406,513 shares of the information technology service provider's stock valued at $261,996,000 after acquiring an additional 336,870 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

Remove Ads

Cognizant Technology Solutions Price Performance

Shares of CTSH traded up $0.44 during trading hours on Wednesday, reaching $76.89. The company had a trading volume of 853,701 shares, compared to its average volume of 3,553,069. The firm has a 50 day simple moving average of $82.62 and a 200-day simple moving average of $79.51. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $90.82. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $38.03 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. Research analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions announced that its board has initiated a stock repurchase program on Tuesday, March 25th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were given a $0.31 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.61%. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's payout ratio is currently 27.49%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CTSH. Barclays raised their price target on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an "overweight" rating in a research report on Monday, February 10th. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Royal Bank of Canada restated a "sector perform" rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Morgan Stanley decreased their price objective on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Finally, UBS Group cut their target price on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Cognizant Technology Solutions has a consensus rating of "Hold" and an average price target of $84.56.

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.