MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Decreases Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 1.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 503,393 shares of the information technology service provider's stock after selling 7,053 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.10% of Cognizant Technology Solutions worth $38,694,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Duncker Streett & Co. Inc. bought a new position in Cognizant Technology Solutions in the 4th quarter valued at approximately $28,000. Trust Co. of Vermont raised its stake in shares of Cognizant Technology Solutions by 188.4% in the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock worth $34,000 after purchasing an additional 292 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at $36,000. Spire Wealth Management increased its holdings in Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock worth $37,000 after buying an additional 204 shares in the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new position in Cognizant Technology Solutions in the 4th quarter worth about $37,000. Institutional investors own 92.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Morgan Stanley dropped their price target on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Susquehanna raised shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and lifted their target price for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. StockNews.com raised Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a report on Thursday, February 6th. Guggenheim reiterated a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. Finally, Robert W. Baird upped their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Cognizant Technology Solutions has an average rating of "Hold" and an average price target of $85.00.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ:CTSH traded up $0.43 during midday trading on Monday, reaching $81.56. 626,944 shares of the company were exchanged, compared to its average volume of 3,903,163. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The stock has a market cap of $40.34 billion, a PE ratio of 18.09, a price-to-earnings-growth ratio of 2.11 and a beta of 0.93. The business's fifty day moving average is $75.00 and its two-hundred day moving average is $78.87. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its quarterly earnings data 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. 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 16.78% and a net margin of 11.35%. The business's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.12 earnings per share. As a group, analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions declared that its Board of Directors has approved a share repurchase program 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 programs are often a sign that the company's leadership believes its stock is undervalued.

Cognizant Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.52%. The ex-dividend date is Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

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.