Prana Capital Management LP Purchases 58,437 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Prana Capital Management LP grew its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 55.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,474 shares of the information technology service provider's stock after purchasing an additional 58,437 shares during the quarter. Prana Capital Management LP's holdings in Cognizant Technology Solutions were worth $12,571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Duncker Streett & Co. Inc. bought a new stake in Cognizant Technology Solutions during the 4th quarter valued at approximately $28,000. Trust Co. of Vermont raised its stake in Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock valued at $34,000 after purchasing an additional 292 shares during the period. SBI Securities Co. Ltd. bought a new stake in Cognizant Technology Solutions in the 4th quarter worth approximately $36,000. Spire Wealth Management increased its stake in Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock worth $37,000 after acquiring an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC bought a new stake in Cognizant Technology Solutions in the 4th quarter worth approximately $37,000. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Trading Down 0.6%

CTSH stock traded down $0.51 during trading on Tuesday, hitting $81.06. The company had a trading volume of 759,122 shares, compared to its average volume of 3,553,230. The firm has a market capitalization of $39.96 billion, a P/E ratio of 17.97, a PEG ratio of 2.11 and a beta of 0.93. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The company has a 50 day simple moving average of $75.04 and a 200-day simple moving average of $78.92. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The firm's revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.12 EPS. As a group, research analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions declared that its board has initiated a share repurchase program on Tuesday, March 25th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Monday, May 19th. Cognizant Technology Solutions's payout ratio is 26.11%.

Analyst Ratings Changes

A number of research firms have issued reports on CTSH. TD Securities lifted their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. Mizuho upgraded shares of Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. BMO Capital Markets increased their price objective on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a "market perform" rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $88.00 to $98.00 in a research report on Monday. Finally, Guggenheim reiterated a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $85.00.

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.