Sanders Morris Harris LLC Makes New Investment in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Sanders Morris Harris LLC purchased a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the second quarter, according to its most recent filing with the SEC. The firm purchased 6,000 shares of the information technology service provider’s stock, valued at approximately $393,000.

A number of other large investors have also recently bought and sold shares of CTSH. D.A. Davidson & CO. acquired a new stake in Cognizant Technology Solutions during the 1st quarter worth about $256,000. Canada Pension Plan Investment Board grew its holdings in Cognizant Technology Solutions by 84.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 269,207 shares of the information technology service provider’s stock worth $24,140,000 after acquiring an additional 123,220 shares during the period. Cetera Investment Advisers grew its holdings in Cognizant Technology Solutions by 9.4% during the 1st quarter. Cetera Investment Advisers now owns 17,774 shares of the information technology service provider’s stock worth $1,594,000 after acquiring an additional 1,523 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in shares of Cognizant Technology Solutions in the 1st quarter valued at about $239,000. Finally, Brighton Jones LLC grew its stake in shares of Cognizant Technology Solutions by 18.7% in the 1st quarter. Brighton Jones LLC now owns 3,484 shares of the information technology service provider’s stock valued at $312,000 after buying an additional 550 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock opened at $70.17 on Friday. Cognizant Technology Solutions Co. has a 52 week low of $51.33 and a 52 week high of $72.71. The company’s 50 day moving average price is $69.35 and its two-hundred day moving average price is $64.31. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.05. The stock has a market cap of $35.44 billion, a P/E ratio of 16.36, a P/E/G ratio of 1.83 and a beta of 1.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, August 2nd. The information technology service provider reported $1.10 EPS for the quarter, topping the consensus estimate of $0.97 by $0.13. Cognizant Technology Solutions had a net margin of 11.31% and a return on equity of 18.00%. The firm had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $4.84 billion. During the same quarter last year, the firm earned $1.14 EPS. The company’s quarterly revenue was down .4% compared to the same quarter last year. On average, equities analysts predict that Cognizant Technology Solutions Co. will post 4.41 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 29th. Stockholders of record on Monday, August 21st were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, August 18th. This represents a $1.16 annualized dividend and a dividend yield of 1.65%. Cognizant Technology Solutions’s payout ratio is currently 27.04%.

Analyst Upgrades and Downgrades

CTSH has been the subject of several research reports. Royal Bank of Canada raised their target price on Cognizant Technology Solutions from $66.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, August 3rd. BMO Capital Markets raised their target price on Cognizant Technology Solutions from $70.00 to $78.00 and gave the company a “market perform” rating in a research note on Thursday, August 3rd. StockNews.com initiated coverage on Cognizant Technology Solutions in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Barclays raised their target price on Cognizant Technology Solutions from $53.00 to $61.00 and gave the company an “underweight” rating in a research note on Tuesday, July 25th. Finally, Citigroup raised their target price on Cognizant Technology Solutions from $65.00 to $72.00 and gave the company a “neutral” rating in a research note on Thursday, August 3rd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $68.75.

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.