Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Driehaus Capital Management LLC

Driehaus Capital Management LLC trimmed its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 84.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 66,355 shares of the information technology service provider's stock after selling 354,372 shares during the period. Driehaus Capital Management LLC's holdings in Cognizant Technology Solutions were worth $5,103,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Duncker Streett & Co. Inc. bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth about $28,000. Trust Co. of Vermont increased its holdings in shares of Cognizant Technology Solutions by 188.4% in the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock worth $34,000 after buying an additional 292 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth about $36,000. Spire Wealth Management increased its holdings in shares of 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 buying an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth about $37,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock traded up $1.29 during mid-day trading on Thursday, reaching $81.65. 1,017,989 shares of the company traded hands, compared to its average volume of 3,565,110. The company has a market capitalization of $40.39 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 2.11 and a beta of 0.93. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The firm's fifty day moving average is $75.07 and its two-hundred day moving average is $78.73. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) 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 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 quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.12 earnings per share. On average, equities research analysts expect 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 approved a stock repurchase program on Tuesday, March 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 26.11%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CTSH. Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Susquehanna raised shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and boosted their price objective for the company from $77.00 to $90.00 in a research report on Thursday, May 1st. Royal Bank of Canada restated a "sector perform" rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Finally, StockNews.com upgraded shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a report on Thursday, February 6th. Fifteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $83.87.

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.