Union Bancaire Privee UBP SA Sells 24,287 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Union Bancaire Privee UBP SA trimmed its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 97.8% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 548 shares of the information technology service provider's stock after selling 24,287 shares during the quarter. Union Bancaire Privee UBP SA's holdings in Cognizant Technology Solutions were worth $42,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CTSH. Brighton Jones LLC bought a new stake in shares of Cognizant Technology Solutions in the fourth quarter worth $214,000. Kestra Private Wealth Services LLC purchased a new position in Cognizant Technology Solutions in the fourth quarter worth about $907,000. Allspring Global Investments Holdings LLC grew its stake in shares of Cognizant Technology Solutions by 11.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 275,450 shares of the information technology service provider's stock valued at $21,047,000 after purchasing an additional 27,315 shares during the period. Van ECK Associates Corp increased its position in shares of Cognizant Technology Solutions by 2.0% during the 4th quarter. Van ECK Associates Corp now owns 175,029 shares of the information technology service provider's stock valued at $13,459,000 after purchasing an additional 3,349 shares during the last quarter. Finally, Avestar Capital LLC lifted its stake in shares of Cognizant Technology Solutions by 9.9% in the 4th quarter. Avestar Capital LLC now owns 7,245 shares of the information technology service provider's stock worth $557,000 after purchasing an additional 651 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CTSH shares. Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. UBS Group cut their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a research report on Monday, March 17th. TD Securities upped their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a "hold" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $88.00 to $98.00 in a research report on Monday, May 19th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $85.00.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH traded down $0.44 during trading hours on Tuesday, reaching $79.71. The company's stock had a trading volume of 2,798,609 shares, compared to its average volume of 3,565,332. Cognizant Technology Solutions Corporation has a 1 year low of $65.48 and a 1 year high of $90.82. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $39.29 billion, a price-to-earnings ratio of 16.78, a PEG ratio of 1.83 and a beta of 0.98. The firm's 50-day moving average price is $77.03 and its 200-day moving average price is $79.03.

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 EPS for the quarter, topping 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 net margin of 11.73% and a return on equity of 16.73%. The company's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.12 earnings per share. On average, equities research analysts predict that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company 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 of this dividend was Monday, May 19th. This represents a $1.24 annualized dividend and a dividend yield of 1.56%. Cognizant Technology Solutions's dividend payout ratio (DPR) is 26.11%.

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

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.