Cornercap Investment Counsel Inc. Reduces Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Cornercap Investment Counsel Inc. reduced its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 37.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 10,190 shares of the information technology service provider’s stock after selling 6,018 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Cognizant Technology Solutions were worth $786,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Avantax Advisory Services Inc. grew its position in shares of Cognizant Technology Solutions by 5.6% in the first quarter. Avantax Advisory Services Inc. now owns 5,702 shares of the information technology service provider’s stock valued at $418,000 after purchasing an additional 302 shares in the last quarter. Bleakley Financial Group LLC boosted its position in shares of Cognizant Technology Solutions by 5.3% during the 1st quarter. Bleakley Financial Group LLC now owns 6,514 shares of the information technology service provider’s stock valued at $477,000 after acquiring an additional 329 shares during the last quarter. Blair William & Co. IL increased its position in Cognizant Technology Solutions by 2.5% during the first quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock worth $1,231,000 after purchasing an additional 412 shares during the last quarter. Vanguard Group Inc. raised its stake in Cognizant Technology Solutions by 13.6% during the first quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock worth $4,254,178,000 after purchasing an additional 6,933,908 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new position in Cognizant Technology Solutions in the 1st quarter valued at about $563,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Down 4.5 %

Shares of NASDAQ CTSH opened at $77.11 on Friday. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $82.41. The company has a market capitalization of $38.23 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 2.27 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23. The business has a 50-day moving average of $76.82 and a two-hundred day moving average of $72.75.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, beating the consensus estimate 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 company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the firm posted $1.16 earnings per share. The firm’s revenue was up 3.0% on a year-over-year basis. On average, analysts forecast that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a yield of 1.56%. Cognizant Technology Solutions’s dividend payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CTSH shares. StockNews.com cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, November 8th. TD Cowen increased their price target on Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Barclays boosted their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, October 31st. Finally, Jefferies Financial Group initiated coverage on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $78.83.

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.