Assenagon Asset Management S.A. Lowers Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Assenagon Asset Management S.A. decreased its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 27.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,220,031 shares of the information technology service provider's stock after selling 461,499 shares during the period. Assenagon Asset Management S.A. owned 0.25% of Cognizant Technology Solutions worth $93,332,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CTSH. Brighton Jones LLC bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $214,000. Apollon Wealth Management LLC boosted its holdings in shares of Cognizant Technology Solutions by 13.4% in the 4th quarter. Apollon Wealth Management LLC now owns 13,617 shares of the information technology service provider's stock valued at $1,047,000 after buying an additional 1,610 shares in the last quarter. Kestra Private Wealth Services LLC bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $907,000. Portfolio Design Labs LLC bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $232,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Cognizant Technology Solutions by 11.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 275,450 shares of the information technology service provider's stock valued at $21,047,000 after buying an additional 27,315 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH traded down $1.51 on Friday, hitting $78.95. 2,469,134 shares of the company's stock traded hands, compared to its average volume of 3,558,605. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $90.82. The firm's 50-day moving average price is $76.62 and its two-hundred day moving average price is $79.05. The firm has a market capitalization of $38.92 billion, a PE ratio of 17.51, a P/E/G ratio of 2.11 and a beta of 0.98.

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

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is 26.11%.

Cognizant Technology Solutions declared that its board has authorized a stock repurchase plan 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 repurchase up to 5.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

CTSH has been the topic of a number of recent analyst reports. Robert W. Baird raised their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Mizuho upgraded shares of Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Morgan Stanley lowered their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Finally, JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $88.00 to $98.00 in a research note on Monday, May 19th. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Cognizant Technology Solutions presently has a consensus rating of "Hold" and an average target price of $85.00.

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.