Summit Global Investments Buys 18,910 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Summit Global Investments raised its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 30.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,174 shares of the information technology service provider’s stock after buying an additional 18,910 shares during the period. Summit Global Investments’ holdings in Cognizant Technology Solutions were worth $6,131,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in shares of Cognizant Technology Solutions by 32.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,663,814 shares of the information technology service provider’s stock worth $1,196,547,000 after buying an additional 4,365,493 shares during the last quarter. Boston Partners boosted its stake in shares of Cognizant Technology Solutions by 3.0% in the 3rd quarter. Boston Partners now owns 8,056,248 shares of the information technology service provider’s stock valued at $544,942,000 after purchasing an additional 231,782 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Cognizant Technology Solutions by 5.0% in the 3rd quarter. Northern Trust Corp now owns 6,177,547 shares of the information technology service provider’s stock valued at $418,467,000 after purchasing an additional 294,415 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cognizant Technology Solutions by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,042,016 shares of the information technology service provider’s stock valued at $206,066,000 after buying an additional 28,455 shares during the period. Finally, Stifel Financial Corp boosted its position in Cognizant Technology Solutions by 3.6% during the 3rd quarter. Stifel Financial Corp now owns 1,680,009 shares of the information technology service provider’s stock valued at $113,804,000 after buying an additional 58,422 shares during the period. Institutional investors own 92.44% of the company’s stock.

Insider Activity

In related news, EVP Kathryn Diaz sold 900 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the sale, the executive vice president now owns 8,312 shares in the company, valued at $640,522.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

CTSH has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday. Citigroup dropped their target price on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Susquehanna decreased their price target on shares of Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating for the company in a research note on Thursday. Societe Generale reiterated a “sell” rating and issued a $67.00 price target on shares of Cognizant Technology Solutions in a research note on Friday, January 5th. Finally, Evercore ISI increased their price target on shares of Cognizant Technology Solutions from $65.00 to $70.00 and gave the stock an “in-line” rating in a research note on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cognizant Technology Solutions presently has an average rating of “Hold” and a consensus target price of $75.63.

Cognizant Technology Solutions Stock Performance

Shares of CTSH traded up $1.03 on Thursday, reaching $66.40. The company’s stock had a trading volume of 4,147,645 shares, compared to its average volume of 4,288,639. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.25 and a quick ratio of 2.25. Cognizant Technology Solutions Co. has a 12-month low of $58.81 and a 12-month high of $80.09. The stock has a market capitalization of $33.06 billion, a P/E ratio of 15.77, a PEG ratio of 1.50 and a beta of 1.08. The stock’s 50 day simple moving average is $72.84 and its two-hundred day simple moving average is $72.51.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.01. The firm had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.72 billion. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.11 earnings per share. Research analysts forecast that Cognizant Technology Solutions Co. will post 4.59 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, February 16th. This represents a $1.20 annualized dividend and a dividend yield of 1.81%. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.57%.

Cognizant Technology Solutions Company 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.