Crestline Management LP Decreases Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Crestline Management LP trimmed its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 93.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,753 shares of the information technology service provider's stock after selling 38,512 shares during the period. Crestline Management LP's holdings in Cognizant Technology Solutions were worth $212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. CGN Advisors LLC purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $1,294,000. ICICI Prudential Asset Management Co Ltd lifted its position in shares of Cognizant Technology Solutions by 50.7% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 429,660 shares of the information technology service provider's stock worth $33,041,000 after purchasing an additional 144,535 shares during the period. Todd Asset Management LLC lifted its position in shares of Cognizant Technology Solutions by 24.4% in the 4th quarter. Todd Asset Management LLC now owns 436,509 shares of the information technology service provider's stock worth $33,568,000 after purchasing an additional 85,539 shares during the period. Matthews International Capital Management LLC lifted its position in shares of Cognizant Technology Solutions by 52.0% in the 4th quarter. Matthews International Capital Management LLC now owns 50,108 shares of the information technology service provider's stock worth $3,853,000 after purchasing an additional 17,134 shares during the period. Finally, Retirement Systems of Alabama lifted its position in shares of Cognizant Technology Solutions by 2.7% in the 4th quarter. Retirement Systems of Alabama now owns 1,219,380 shares of the information technology service provider's stock worth $93,770,000 after purchasing an additional 31,530 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Barclays lowered their price target on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. StockNews.com raised shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. BMO Capital Markets increased their target price 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. Royal Bank of Canada reissued a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Finally, Robert W. Baird increased their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Fifteen analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $83.87.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded up $0.08 during midday trading on Friday, reaching $81.44. The company's stock had a trading volume of 5,603,555 shares, compared to its average volume of 3,568,115. The firm has a market capitalization of $40.28 billion, a PE ratio of 18.06, a P/E/G ratio of 2.11 and a beta of 0.93. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The stock has a fifty day moving average of $75.00 and a 200 day moving average of $78.84. 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 released its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. The firm had revenue of $5.12 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.12 earnings per share. On average, equities analysts expect that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company 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 dividend of $0.31 per share. The ex-dividend date is Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.52%. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

Cognizant Technology Solutions announced that its board has approved a stock buyback plan 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 buy up to 5.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

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.