Summit Global Investments Acquires New Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Summit Global Investments acquired a new stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 13,145 shares of the information technology service provider's stock, valued at approximately $1,015,000.

Other institutional investors have also recently made changes to their positions in the company. 1620 Investment Advisors Inc. purchased a new stake in Cognizant Technology Solutions during the 2nd quarter valued at about $25,000. LRI Investments LLC acquired a new stake in shares of Cognizant Technology Solutions during the 1st quarter worth approximately $28,000. Pinnacle Bancorp Inc. increased 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 valued at $35,000 after buying an additional 146 shares in the last quarter. Eastern Bank purchased a new position in Cognizant Technology Solutions during the third quarter worth approximately $37,000. Finally, Benjamin Edwards Inc. raised its position in 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 period. Institutional investors own 92.44% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. The Goldman Sachs Group reissued a "neutral" rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Robert W. Baird boosted their price target 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. Barclays increased their price target on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an "equal weight" rating in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a "hold" rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upped their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a "neutral" rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $78.83.

Cognizant Technology Solutions Stock Down 1.3 %

NASDAQ CTSH traded down $1.05 during trading hours on Friday, hitting $80.31. 3,994,358 shares of the company were exchanged, compared to its average volume of 3,449,107. The company has a 50 day moving average of $76.47 and a two-hundred day moving average of $72.39. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.08. The firm has a market cap of $39.82 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 2.19 and a beta of 1.05. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $81.75.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.10. The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The company's revenue was up 3.0% on a year-over-year basis. During the same period last year, the business earned $1.16 EPS. Equities research analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Tuesday, November 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is 26.55%.

Cognizant Technology Solutions 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.