Assetmark Inc. Grows Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Assetmark Inc. raised its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 2.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 573,922 shares of the information technology service provider’s stock after purchasing an additional 12,701 shares during the period. Assetmark Inc. owned 0.12% of Cognizant Technology Solutions worth $44,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in Cognizant Technology Solutions during the 3rd quarter valued at $1,972,000. Blair William & Co. IL boosted its stake in shares of Cognizant Technology Solutions by 2.5% during the 1st quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock worth $1,231,000 after purchasing an additional 412 shares during the period. Norden Group LLC bought a new position in Cognizant Technology Solutions during the 1st quarter valued at about $233,000. State Board of Administration of Florida Retirement System raised its position in Cognizant Technology Solutions by 8.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 650,385 shares of the information technology service provider’s stock worth $47,667,000 after purchasing an additional 53,061 shares during the period. Finally, Cetera Investment Advisers lifted its stake in Cognizant Technology Solutions by 135.4% in the first quarter. Cetera Investment Advisers now owns 33,305 shares of the information technology service provider’s stock worth $2,441,000 after purchasing an additional 19,157 shares during the last quarter. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CTSH. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their target price on Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Robert W. Baird boosted their target price on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Bank of America raised shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $73.00 to $75.00 in a research note on Wednesday, August 7th. Finally, Mizuho lifted their price objective on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, November 1st. One equities 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $78.83.

Cognizant Technology Solutions Trading Down 1.3 %

CTSH opened at $80.31 on Friday. The company has a current ratio of 2.23, a quick 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 12 month low of $63.79 and a 12 month high of $81.75. The stock has a fifty day moving average price of $76.47 and a 200-day moving average price of $72.36.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the company posted $1.16 earnings per share. The firm’s revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be issued a dividend of $0.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.49%. Cognizant Technology Solutions’s dividend payout ratio is presently 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.