Wealthfront Advisers LLC Purchases 3,328 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Wealthfront Advisers LLC boosted its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 6.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,536 shares of the information technology service provider's stock after acquiring an additional 3,328 shares during the quarter. Wealthfront Advisers LLC's holdings in Cognizant Technology Solutions were worth $4,402,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at $214,000. Commonwealth Equity Services LLC boosted its holdings in shares of Cognizant Technology Solutions by 1.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 43,176 shares of the information technology service provider's stock valued at $3,320,000 after purchasing an additional 503 shares during the period. Parallel Advisors LLC increased its position in shares of Cognizant Technology Solutions by 1.5% during the fourth quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider's stock worth $704,000 after purchasing an additional 134 shares in the last quarter. Generali Asset Management SPA SGR acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at $1,580,000. Finally, Xponance Inc. boosted its holdings in Cognizant Technology Solutions by 3.2% in the fourth quarter. Xponance Inc. now owns 70,777 shares of the information technology service provider's stock valued at $5,443,000 after purchasing an additional 2,181 shares during the last quarter. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

NASDAQ:CTSH opened at $75.56 on Friday. The stock has a market cap of $37.25 billion, a P/E ratio of 15.91, a PEG ratio of 1.72 and a beta of 0.96. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Corporation has a twelve month low of $65.52 and a twelve month high of $90.82. The business's 50-day moving average price is $79.18 and its two-hundred day moving average price is $78.70.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. 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 firm earned $1.12 earnings per share. The business's revenue was up 7.5% compared to the same quarter last year. As a group, equities analysts predict that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

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

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is 26.11%.

Analyst Ratings Changes

CTSH has been the topic of a number of recent research reports. JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $88.00 to $98.00 in a research note on Monday, May 19th. TD Securities upped their price target on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. Barclays reduced their price objective on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Finally, Evercore ISI initiated coverage on shares of Cognizant Technology Solutions in a research note on Thursday. They set an "outperform" rating and a $100.00 price objective on the stock. Fourteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Cognizant Technology Solutions presently has a consensus rating of "Hold" and an average target price of $85.94.

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.

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