Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC cut its holdings in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 3.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,075,072 shares of the information technology service provider's stock after selling 590,930 shares during the quarter. Cognizant Technology Solutions accounts for about 4.6% of Pzena Investment Management LLC's investment portfolio, making the stock its largest holding. Pzena Investment Management LLC owned 3.45% of Cognizant Technology Solutions worth $1,306,243,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Cognizant Technology Solutions by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider's stock worth $4,539,290,000 after purchasing an additional 515,881 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cognizant Technology Solutions by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 13,437,687 shares of the information technology service provider's stock valued at $1,032,239,000 after acquiring an additional 157,464 shares in the last quarter. FMR LLC raised its stake in shares of Cognizant Technology Solutions by 1.1% in the 4th quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock valued at $857,205,000 after acquiring an additional 123,745 shares in the last quarter. Invesco Ltd. raised its stake in shares of Cognizant Technology Solutions by 2.8% in the 4th quarter. Invesco Ltd. now owns 10,655,180 shares of the information technology service provider's stock valued at $819,383,000 after acquiring an additional 287,973 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $527,719,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CTSH has been the topic of a number of recent analyst reports. Susquehanna raised Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and raised their price objective for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Robert W. Baird lifted their price target on Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft began coverage on Cognizant Technology Solutions in a research report on Thursday. They issued a "hold" rating and a $80.00 price target on the stock. Guggenheim raised Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a research report on Friday. Finally, Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Thirteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $86.18.

Cognizant Technology Solutions Trading Up 0.2%

Shares of CTSH stock traded up $0.12 on Friday, reaching $75.68. 4,901,713 shares of the stock were exchanged, compared to its average volume of 3,544,330. The stock has a market cap of $37.31 billion, a PE ratio of 15.93, a P/E/G ratio of 1.72 and a beta of 0.96. Cognizant Technology Solutions Corporation has a one year low of $65.52 and a one year high of $90.82. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22. The stock has a 50 day moving average price of $79.18 and a 200 day moving average price of $78.70.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its earnings results 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 the consensus estimate of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The firm's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.12 earnings per share. Equities research analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were issued a $0.31 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a yield of 1.64%. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

Cognizant Technology Solutions announced that its board has approved a share repurchase plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

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.