Lecap Asset Management Ltd. Takes Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Lecap Asset Management Ltd. acquired a new stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 50,177 shares of the information technology service provider's stock, valued at approximately $3,839,000. Cognizant Technology Solutions accounts for 0.9% of Lecap Asset Management Ltd.'s investment portfolio, making the stock its 10th largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Duncker Streett & Co. Inc. purchased a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at $28,000. Park Square Financial Group LLC purchased a new stake in Cognizant Technology Solutions during the fourth quarter valued at about $36,000. SBI Securities Co. Ltd. purchased a new stake in Cognizant Technology Solutions during the fourth quarter valued at about $36,000. Venturi Wealth Management LLC grew its position in Cognizant Technology Solutions by 85.4% during the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the information technology service provider's stock valued at $48,000 after acquiring an additional 286 shares during the period. Finally, CoreCap Advisors LLC grew its position in Cognizant Technology Solutions by 21.5% during the fourth quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock valued at $55,000 after acquiring an additional 126 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Up 0.2%

Shares of NASDAQ:CTSH traded up $0.15 during trading on Friday, hitting $77.74. The company's stock had a trading volume of 3,968,769 shares, compared to its average volume of 3,567,387. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. Cognizant Technology Solutions Corporation has a fifty-two week low of $65.52 and a fifty-two week high of $90.82. The stock's 50-day moving average price is $78.16 and its two-hundred day moving average price is $78.88. The company has a market capitalization of $38.32 billion, a PE ratio of 16.37, a PEG ratio of 1.77 and a beta of 0.98.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. Cognizant Technology Solutions's quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.12 earnings per share. As a group, sell-side analysts expect that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The company 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. This represents a $1.24 annualized dividend and a yield of 1.60%. The ex-dividend date was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is currently 26.11%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a stock buyback plan on Tuesday, March 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

CTSH has been the subject of a number of research reports. Morgan Stanley lowered their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. TD Securities boosted their price target on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a research report on Thursday, May 1st. Susquehanna raised Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and boosted their price target for the company from $77.00 to $90.00 in a research report on Thursday, May 1st. Guggenheim reissued a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. Finally, Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $85.00.

About Cognizant Technology Solutions

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.