Ashton Thomas Private Wealth LLC Acquires 11,280 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Ashton Thomas Private Wealth LLC boosted its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 48.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,546 shares of the information technology service provider’s stock after purchasing an additional 11,280 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Cognizant Technology Solutions were worth $2,349,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CTSH. 1620 Investment Advisors Inc. bought a new stake in shares of Cognizant Technology Solutions during the second quarter valued at approximately $25,000. LRI Investments LLC purchased a new position in Cognizant Technology Solutions during the first quarter valued at $28,000. Spire Wealth Management increased its holdings in Cognizant Technology Solutions by 79.1% in the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after acquiring an additional 193 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at about $40,000. Finally, Unique Wealth Strategies LLC purchased a new position in shares of Cognizant Technology Solutions during the second quarter valued at about $40,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Trading Up 0.4 %

CTSH stock opened at $76.13 on Tuesday. The company has a market capitalization of $37.85 billion, a PE ratio of 18.30, a P/E/G ratio of 2.13 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46. Cognizant Technology Solutions Co. has a 12 month low of $62.14 and a 12 month high of $80.27. The firm’s 50-day moving average is $74.01 and its 200 day moving average is $71.50.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.05. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The company’s revenue was down .7% on a year-over-year basis. On average, research analysts anticipate that Cognizant Technology Solutions Co. will post 4.62 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s payout ratio is 28.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CTSH shares. Jefferies Financial Group started coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 target price on the stock. Barclays boosted their price objective on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Daiwa America upgraded Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $73.00 to $75.00 in a report on Wednesday, August 7th. Finally, Royal Bank of Canada increased their price target on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and an average price target of $77.44.

Insider Activity

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now directly owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions 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.