Public Employees Retirement Association of Colorado Lowers Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Public Employees Retirement Association of Colorado decreased its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 6.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 71,197 shares of the information technology service provider’s stock after selling 4,962 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Cognizant Technology Solutions were worth $5,218,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CTSH. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Cognizant Technology Solutions in the fourth quarter worth about $26,000. Spire Wealth Management boosted its stake in shares of Cognizant Technology Solutions by 79.1% in the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock worth $34,000 after buying an additional 193 shares during the last quarter. Neo Ivy Capital Management acquired a new position in Cognizant Technology Solutions in the 4th quarter worth about $40,000. Quarry LP acquired a new position in Cognizant Technology Solutions in the 4th quarter worth about $43,000. Finally, Valley National Advisers Inc. raised its holdings in Cognizant Technology Solutions by 43.2% in the 4th quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock worth $44,000 after purchasing an additional 178 shares during the period. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CTSH shares. BMO Capital Markets reduced their price target on Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating for the company in a report on Tuesday, April 30th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Monday, June 10th. StockNews.com cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Wedbush reissued an “outperform” rating and set a $85.00 target price on shares of Cognizant Technology Solutions in a report on Thursday, May 2nd. Finally, Citigroup lowered their price objective on Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $75.75.

Cognizant Technology Solutions Trading Up 0.1 %

Cognizant Technology Solutions stock traded up $0.10 during mid-day trading on Monday, hitting $74.67. The company’s stock had a trading volume of 1,086,677 shares, compared to its average volume of 4,090,113. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. The stock’s fifty day moving average is $68.71 and its two-hundred day moving average is $71.86. Cognizant Technology Solutions Co. has a 1 year low of $62.14 and a 1 year high of $80.09. The firm has a market capitalization of $37.13 billion, a PE ratio of 17.86, a price-to-earnings-growth ratio of 2.23 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.01. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The company had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the prior year, the firm earned $1.11 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. On average, analysts anticipate that Cognizant Technology Solutions Co. will post 4.61 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Monday, May 20th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Friday, May 17th. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

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.