Ritholtz Wealth Management Sells 373 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Ritholtz Wealth Management cut its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,565 shares of the information technology service provider’s stock after selling 373 shares during the quarter. Ritholtz Wealth Management’s holdings in Cognizant Technology Solutions were worth $1,780,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CTSH. D.A. Davidson & CO. bought a new position in Cognizant Technology Solutions in the first quarter valued at approximately $256,000. Canada Pension Plan Investment Board boosted its stake in Cognizant Technology Solutions by 84.4% in the first quarter. Canada Pension Plan Investment Board now owns 269,207 shares of the information technology service provider’s stock valued at $24,140,000 after acquiring an additional 123,220 shares during the last quarter. Cetera Investment Advisers raised its holdings in Cognizant Technology Solutions by 9.4% in the first quarter. Cetera Investment Advisers now owns 17,774 shares of the information technology service provider’s stock worth $1,594,000 after purchasing an additional 1,523 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Cognizant Technology Solutions in the 1st quarter valued at $239,000. Finally, Brighton Jones LLC grew its holdings 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. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Down 0.4 %

Shares of CTSH stock opened at $73.29 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.25 and a current ratio of 2.25. The firm’s 50-day moving average is $76.89 and its 200-day moving average is $72.43. The stock has a market cap of $36.49 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 1.68 and a beta of 1.07. Cognizant Technology Solutions Co. has a 52-week low of $58.09 and a 52-week high of $80.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Tuesday, February 6th. The information technology service provider reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.14. The firm had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.76 billion. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 EPS. Sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.6 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th were issued a $0.30 dividend. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, February 16th. Cognizant Technology Solutions’s dividend payout ratio is currently 28.57%.

Wall Street Analysts Forecast Growth

CTSH has been the subject of a number of research analyst reports. Wedbush upped their target price on shares of Cognizant Technology Solutions from $75.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 26th. Evercore ISI upped their target price on shares of Cognizant Technology Solutions from $65.00 to $70.00 and gave the stock an “in-line” rating in a research note on Tuesday. Jefferies Financial Group raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and upped their target price for the stock from $70.00 to $85.00 in a research note on Thursday, January 11th. Barclays upped their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 23rd. Finally, Guggenheim initiated coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, March 19th. They issued a “neutral” rating and a $80.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $75.38.

Insider Buying and Selling at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, EVP Kathryn Diaz sold 900 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total transaction of $69,354.00. Following the transaction, the executive vice president now owns 8,312 shares in the company, valued at approximately $640,522.72. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.

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.