Traders Buy Cognizant Technology Solutions (CTSH) on Weakness

Traders bought shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) on weakness during trading on Wednesday. $81.42 million flowed into the stock on the tick-up and $37.56 million flowed out of the stock on the tick-down, for a money net flow of $43.86 million into the stock. Of all equities tracked, Cognizant Technology Solutions had the 23rd highest net in-flow for the day. Cognizant Technology Solutions traded down ($0.96) for the day and closed at $83.35

CTSH has been the subject of several research analyst reports. Vetr raised Cognizant Technology Solutions from a “hold” rating to a “strong-buy” rating and set a $95.56 price objective for the company in a research report on Wednesday, November 29th. BidaskClub cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Tuesday, December 5th. BMO Capital Markets reissued a “buy” rating and set a $78.00 price objective on shares of Cognizant Technology Solutions in a research report on Tuesday, December 5th. Zacks Investment Research raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, January 2nd. Finally, Barclays reissued a “buy” rating and set a $86.00 price objective on shares of Cognizant Technology Solutions in a research report on Friday, January 5th. Four research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the stock. Cognizant Technology Solutions presently has an average rating of “Buy” and a consensus target price of $85.43.

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The firm has a market cap of $49,284.55, a P/E ratio of 32.94, a price-to-earnings-growth ratio of 1.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.21 and a current ratio of 3.21.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, February 7th. The information technology service provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.15. Cognizant Technology Solutions had a return on equity of 19.94% and a net margin of 10.15%. The company had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the company posted $0.87 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. equities research analysts forecast that Cognizant Technology Solutions Corp will post 4.21 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Thursday, February 22nd were paid a $0.20 dividend. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.15. This represents a $0.80 annualized dividend and a dividend yield of 0.96%. The ex-dividend date was Wednesday, February 21st. Cognizant Technology Solutions’s dividend payout ratio is currently 31.62%.

In other news, CEO Francisco Dsouza sold 240,000 shares of the company’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $74.04, for a total value of $17,769,600.00. Following the sale, the chief executive officer now directly owns 541,667 shares in the company, valued at approximately $40,105,024.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP James Patrick Lennox sold 959 shares of the company’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $83.64, for a total value of $80,210.76. Following the completion of the sale, the executive vice president now owns 5,203 shares in the company, valued at $435,178.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 633,665 shares of company stock worth $48,476,081. Corporate insiders own 1.08% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CTSH. Shine Investment Advisory Services Inc. grew its position in Cognizant Technology Solutions by 108.8% during the 4th quarter. Shine Investment Advisory Services Inc. now owns 1,512 shares of the information technology service provider’s stock worth $107,000 after acquiring an additional 788 shares during the last quarter. Vestpro Financial Partners Inc. dba CPF Texas bought a new stake in Cognizant Technology Solutions during the 4th quarter worth approximately $107,000. Clearbridge Investments LLC grew its position in Cognizant Technology Solutions by 101.2% during the 4th quarter. Clearbridge Investments LLC now owns 1,616 shares of the information technology service provider’s stock worth $115,000 after acquiring an additional 813 shares during the last quarter. Bank of Nova Scotia Trust Co. bought a new stake in Cognizant Technology Solutions during the 3rd quarter worth approximately $121,000. Finally, Cerebellum GP LLC bought a new stake in Cognizant Technology Solutions during the 4th quarter worth approximately $128,000. Institutional investors own 88.72% of the company’s stock.

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About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

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