Envestnet Portfolio Solutions Inc. Sells 5,774 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Envestnet Portfolio Solutions Inc. reduced its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 40.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,337 shares of the information technology service provider's stock after selling 5,774 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Cognizant Technology Solutions were worth $638,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CTSH. Unison Advisors LLC grew its position in shares of Cognizant Technology Solutions by 0.4% in the 4th quarter. Unison Advisors LLC now owns 29,595 shares of the information technology service provider's stock valued at $2,276,000 after purchasing an additional 114 shares during the period. Congress Wealth Management LLC DE grew its position in shares of Cognizant Technology Solutions by 0.5% in the 4th quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider's stock valued at $1,920,000 after purchasing an additional 126 shares during the period. CoreCap Advisors LLC grew its position in shares of Cognizant Technology Solutions by 21.5% in the 4th quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock valued at $55,000 after purchasing an additional 126 shares during the period. Sound View Wealth Advisors Group LLC grew its position in shares of Cognizant Technology Solutions by 4.6% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider's stock valued at $222,000 after purchasing an additional 127 shares during the period. Finally, Parallel Advisors LLC grew its position in shares of Cognizant Technology Solutions by 1.5% in the 4th quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider's stock valued at $704,000 after purchasing an additional 134 shares during the period. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Up 0.8%

Shares of CTSH opened at $77.59 on Friday. The stock has a market capitalization of $38.25 billion, a price-to-earnings ratio of 16.33, a price-to-earnings-growth ratio of 1.75 and a beta of 0.98. Cognizant Technology Solutions Corporation has a 1 year low of $65.52 and a 1 year high of $90.82. The business's 50 day simple moving average is $78.00 and its 200-day simple moving average is $78.89. 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 released its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 16.73% and a net margin of 11.73%. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.12 EPS. As a group, equities analysts expect that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions announced that its board has approved a stock repurchase program on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

Analysts Set New Price Targets

A number of research firms have weighed in on CTSH. Guggenheim reaffirmed a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Royal Bank Of Canada reissued a "sector perform" rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. TD Securities increased their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Finally, Susquehanna raised Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their price objective for the company from $77.00 to $90.00 in a report on Thursday, May 1st. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Cognizant Technology Solutions presently has a consensus rating of "Hold" and a consensus price target of $85.00.

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.

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