Cognizant Technology Solutions (NASDAQ:CTSH) Sets New 12-Month High – Here’s What Happened

Cognizant Technology Solutions Co. (NASDAQ:CTSH)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $80.27 and last traded at $80.19, with a volume of 481086 shares changing hands. The stock had previously closed at $79.40.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CTSH. Mizuho boosted their price target on Cognizant Technology Solutions from $83.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. The Goldman Sachs Group restated a “neutral” rating and issued a $76.00 price target on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Daiwa America raised shares of Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. StockNews.com cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, TD Cowen upped their price target on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “hold” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions has an average rating of “Hold” and a consensus target price of $78.37.

Cognizant Technology Solutions Stock Performance

The stock has a 50 day moving average of $76.33 and a 200 day moving average of $72.21. The company has a market capitalization of $40.33 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 2.06 and a beta of 1.05. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.08.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.47%. Cognizant Technology Solutions’s payout ratio is currently 26.55%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in Cognizant Technology Solutions in the third quarter valued at approximately $1,972,000. Blair William & Co. IL lifted its position in shares of Cognizant Technology Solutions by 2.5% during the 1st quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock valued at $1,231,000 after acquiring an additional 412 shares during the period. Duality Advisers LP bought a new position in Cognizant Technology Solutions during the first quarter worth $1,687,000. Norden Group LLC acquired a new stake in Cognizant Technology Solutions in the first quarter worth $233,000. Finally, State Board of Administration of Florida Retirement System raised its holdings in shares of Cognizant Technology Solutions by 8.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 650,385 shares of the information technology service provider’s stock valued at $47,667,000 after purchasing an additional 53,061 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Company 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.