Prana Capital Management LP Acquires 96,089 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Prana Capital Management LP grew its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1,073.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,037 shares of the information technology service provider’s stock after acquiring an additional 96,089 shares during the period. Prana Capital Management LP’s holdings in Cognizant Technology Solutions were worth $8,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CTSH. Cibc World Market Inc. raised its stake in shares of Cognizant Technology Solutions by 19,850.5% in the second quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock worth $205,096,000 after buying an additional 3,000,996 shares during the period. Pzena Investment Management LLC increased its holdings in Cognizant Technology Solutions by 11.7% in the 2nd quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after acquiring an additional 1,943,127 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Cognizant Technology Solutions by 152.8% in the second quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider’s stock worth $146,132,000 after purchasing an additional 1,281,236 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Cognizant Technology Solutions by 276.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock valued at $122,603,000 after purchasing an additional 1,167,033 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Cognizant Technology Solutions by 146.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,644,723 shares of the information technology service provider’s stock valued at $126,940,000 after buying an additional 978,579 shares in the last quarter. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft raised their price target on Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price objective on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. 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 target price on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $76.00 target price on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Finally, Robert W. Baird increased their price objective on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $79.47.

Cognizant Technology Solutions Stock Down 1.0 %

Shares of NASDAQ:CTSH opened at $79.98 on Wednesday. The firm has a market capitalization of $39.66 billion, a PE ratio of 17.69, a price-to-earnings-growth ratio of 2.23 and a beta of 1.06. The business has a 50 day simple moving average of $77.62 and a two-hundred day simple moving average of $73.93. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $82.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data 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 return on equity of 17.08% and a net margin of 11.60%. The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the company posted $1.16 EPS. Cognizant Technology Solutions’s quarterly revenue was up 3.0% on a year-over-year basis. On average, equities analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.50%. Cognizant Technology Solutions’s dividend payout ratio is currently 26.55%.

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.