Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Shares Sold by AE Wealth Management LLC

Key Points

• AE Wealth Management LLC has reduced its holdings in Cognizant Technology Solutions by 22.9% in the first quarter, selling 5,058 shares and leaving it with 17,026 shares.
• Recent analyst upgrades have lifted the price target for Cognizant Technology Solutions, with JPMorgan raising it from $88.00 to $98.00 and several firms rating it as "buy" or "overweight".
• The company recently declared a quarterly dividend of $0.31 per share, representing an annual yield of 1.62%, with a payout ratio of 26.11%.

AE Wealth Management LLC decreased its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 22.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,026 shares of the information technology service provider's stock after selling 5,058 shares during the quarter. AE Wealth Management LLC's holdings in Cognizant Technology Solutions were worth $1,303,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CTSH. Ritholtz Wealth Management raised its position in shares of Cognizant Technology Solutions by 21.0% during the first quarter. Ritholtz Wealth Management now owns 10,531 shares of the information technology service provider's stock valued at $806,000 after buying an additional 1,827 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Cognizant Technology Solutions by 1.4% during the first quarter. Envestnet Asset Management Inc. now owns 500,039 shares of the information technology service provider's stock valued at $38,253,000 after buying an additional 7,105 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Cognizant Technology Solutions by 40.7% in the first quarter. Janney Montgomery Scott LLC now owns 28,047 shares of the information technology service provider's stock worth $2,146,000 after purchasing an additional 8,116 shares during the last quarter. Golden State Wealth Management LLC increased its position in Cognizant Technology Solutions by 290.9% in the first quarter. Golden State Wealth Management LLC now owns 899 shares of the information technology service provider's stock worth $69,000 after purchasing an additional 669 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in Cognizant Technology Solutions by 14.0% in the first quarter. Farther Finance Advisors LLC now owns 4,814 shares of the information technology service provider's stock worth $368,000 after purchasing an additional 591 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company's stock.

Analysts Set New Price Targets

CTSH has been the topic of several research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Cognizant Technology Solutions in a research report on Thursday, July 17th. They issued a "hold" rating and a $80.00 price target on the stock. Barclays cut their price objective on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Robert W. Baird boosted their price objective 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. Finally, Susquehanna upgraded 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. Thirteen analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $85.88.

Cognizant Technology Solutions Price Performance

NASDAQ:CTSH traded down $0.51 during trading hours on Tuesday, reaching $74.91. 5,895,756 shares of the company were exchanged, compared to its average volume of 3,746,149. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The stock's 50-day moving average is $78.52 and its 200-day moving average is $78.74. The firm has a market cap of $36.93 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 1.77 and a beta of 0.96. Cognizant Technology Solutions Corporation has a twelve month low of $65.52 and a twelve month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted 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 company had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.73% and a return on equity of 16.73%. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.12 earnings per share. On average, sell-side analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date was Monday, May 19th. Cognizant Technology Solutions's payout ratio is 26.11%.

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.