Assetmark Inc. Purchases 8,119 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• Assetmark Inc. increased its stake in Cognizant Technology Solutions by 1.4% during the 1st quarter, now owning 593,746 shares worth approximately $45.4 million.
• Cognizant Technology Solutions' quarterly earnings exceeded estimates, reporting $1.23 earnings per share on revenues of $5.12 billion, up 7.5% year-over-year.
• The company's recent quarterly dividend was $0.31 per share, representing a 1.62% dividend yield and a payout ratio of 26.11%.

Assetmark Inc. lifted its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 1.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 593,746 shares of the information technology service provider's stock after purchasing an additional 8,119 shares during the period. Assetmark Inc. owned 0.12% of Cognizant Technology Solutions worth $45,422,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Ritholtz Wealth Management raised its position in shares of Cognizant Technology Solutions by 21.0% in the first quarter. Ritholtz Wealth Management now owns 10,531 shares of the information technology service provider's stock valued at $806,000 after purchasing an additional 1,827 shares during the period. Envestnet Asset Management Inc. raised its holdings in Cognizant Technology Solutions by 1.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 500,039 shares of the information technology service provider's stock valued at $38,253,000 after acquiring an additional 7,105 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Cognizant Technology Solutions by 40.7% during 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 acquiring an additional 8,116 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of 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 acquiring an additional 669 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of 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 valued at $368,000 after purchasing an additional 591 shares in the last quarter. Institutional investors own 92.44% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CTSH. Deutsche Bank Aktiengesellschaft initiated coverage on Cognizant Technology Solutions in a report on Thursday, July 17th. They set a "hold" rating and a $80.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of Cognizant Technology Solutions from $98.00 to $93.00 and set an "overweight" rating for the company in a research report on Monday. Barclays decreased their target price on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. TD Securities raised their price target on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Finally, Guggenheim raised shares of Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a report on Friday, July 18th. Thirteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $85.88.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH traded down $0.56 on Wednesday, reaching $74.35. 789,580 shares of the company's stock traded hands, compared to its average volume of 3,725,042. The stock has a market cap of $36.65 billion, a PE ratio of 15.66, a P/E/G ratio of 1.75 and a beta of 0.96. Cognizant Technology Solutions Corporation has a 12 month low of $65.52 and a 12 month high of $90.82. The stock has a 50-day simple moving average of $78.40 and a 200 day simple moving average of $78.72. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. The company had revenue of $5.12 billion for 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 was up 7.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.12 EPS. As a group, research analysts predict that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

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.