Rafferty Asset Management LLC Purchases 7,018 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Rafferty Asset Management LLC raised its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 330,989 shares of the information technology service provider's stock after buying an additional 7,018 shares during the quarter. Rafferty Asset Management LLC owned about 0.07% of Cognizant Technology Solutions worth $25,453,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new position in Cognizant Technology Solutions during the 4th quarter worth about $527,719,000. National Bank of Canada FI grew its holdings in shares of Cognizant Technology Solutions by 54.6% during the fourth quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider's stock worth $433,254,000 after buying an additional 1,990,515 shares in the last quarter. AE Industrial Partners LP acquired a new stake in Cognizant Technology Solutions in the 4th quarter valued at approximately $113,088,000. Capital Research Global Investors lifted its stake in Cognizant Technology Solutions by 98.9% in the 4th quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider's stock valued at $210,894,000 after acquiring an additional 1,363,570 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in Cognizant Technology Solutions by 47.8% in the 4th quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider's stock valued at $254,028,000 after acquiring an additional 1,068,420 shares in the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Performance

CTSH traded down $0.58 during trading on Tuesday, hitting $80.99. The stock had a trading volume of 2,787,063 shares, compared to its average volume of 3,561,101. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The company has a 50 day moving average price of $75.04 and a 200-day moving average price of $78.92. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $90.82. The firm has a market cap of $39.92 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 2.11 and a beta of 0.93.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its 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 analysts' expectations of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The business's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the firm earned $1.12 earnings per share. As a group, research analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions announced that its Board of Directors 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 purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Cognizant Technology Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be given a $0.31 dividend. 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 currently 26.11%.

Wall Street Analyst Weigh In

CTSH has been the topic of a number of recent research reports. Royal Bank of Canada reiterated a "sector perform" rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Susquehanna upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and lifted their price target for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Robert W. Baird boosted their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Finally, TD Securities upped their target price on Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $85.00.

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.