Rossby Financial LCC Purchases Shares of 3,408 Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Rossby Financial LCC bought a new position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,408 shares of the information technology service provider's stock, valued at approximately $246,000.

Other large investors also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions during the fourth quarter worth about $36,000. Park Square Financial Group LLC purchased a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth about $36,000. CoreCap Advisors LLC raised its holdings in shares of 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 in the last quarter. Pinney & Scofield Inc. purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at about $55,000. Finally, Loomis Sayles & Co. L P purchased a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $56,000. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Trading Down 2.2%

Shares of Cognizant Technology Solutions stock traded down $1.75 during trading hours on Thursday, reaching $78.50. 1,777,059 shares of the company's stock were exchanged, compared to its average volume of 3,552,517. The firm has a market capitalization of $38.70 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.85 and a beta of 0.96. The company has a fifty day moving average of $78.76 and a 200-day moving average of $78.86. Cognizant Technology Solutions Corporation has a 52-week low of $65.52 and a 52-week high of $90.82. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a net margin of 11.73% and a return on equity of 16.73%. The firm had revenue of $5.12 billion for the quarter, compared to analysts' expectations of $5.06 billion. During the same period in the previous year, the company posted $1.12 earnings per share. Cognizant Technology Solutions's revenue was up 7.5% compared to the same quarter last year. Sell-side analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions declared that its board has authorized a stock repurchase program on Tuesday, March 25th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were paid a $0.31 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.58%. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. raised shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $88.00 to $98.00 in a report on Monday, May 19th. Barclays reduced their price target on Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. Royal Bank Of Canada reiterated a "sector perform" rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Finally, Robert W. Baird increased their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Fourteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Cognizant Technology Solutions 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.