GAMMA Investing LLC Boosts Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

GAMMA Investing LLC increased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 9,072.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 922,514 shares of the information technology service provider's stock after acquiring an additional 912,457 shares during the period. GAMMA Investing LLC owned approximately 0.19% of Cognizant Technology Solutions worth $70,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CTSH. Norges Bank acquired a new stake in Cognizant Technology Solutions during the 4th quarter worth about $527,719,000. National Bank of Canada FI grew its position in Cognizant Technology Solutions by 54.6% during the 4th quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider's stock worth $433,254,000 after purchasing an additional 1,990,515 shares during the period. AE Industrial Partners LP acquired a new stake in Cognizant Technology Solutions during the 4th quarter worth about $113,088,000. Capital Research Global Investors grew its position in Cognizant Technology Solutions by 98.9% during the 4th quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider's stock worth $210,894,000 after purchasing an additional 1,363,570 shares during the period. Finally, Deutsche Bank AG grew its position in Cognizant Technology Solutions by 47.8% during the 4th quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider's stock worth $254,028,000 after purchasing an additional 1,068,420 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Trading Down 0.7%

Shares of CTSH stock traded down $0.58 during trading on Wednesday, hitting $79.74. 2,106,724 shares of the stock traded hands, compared to its average volume of 3,573,582. The firm has a market capitalization of $39.31 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 2.11 and a beta of 0.98. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The firm's fifty day moving average price is $75.43 and its 200-day moving average price is $78.98.

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 business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The company's revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.12 earnings per share. As a group, research analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

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

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 $0.31 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.56%. Cognizant Technology Solutions's payout ratio is 26.11%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CTSH. Wall Street Zen raised Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. Morgan Stanley dropped their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. UBS Group dropped their target price on Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Finally, Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Cognizant Technology Solutions has an average rating of "Hold" and a consensus target price 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.