RBA Wealth Management LLC Increases Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

RBA Wealth Management LLC lifted its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,997 shares of the information technology service provider’s stock after acquiring an additional 1,717 shares during the quarter. RBA Wealth Management LLC’s holdings in Cognizant Technology Solutions were worth $4,245,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of CTSH. 1620 Investment Advisors Inc. purchased a new stake in shares of Cognizant Technology Solutions during the second quarter worth $25,000. LRI Investments LLC purchased a new position in Cognizant Technology Solutions in the first quarter valued at $28,000. Pinnacle Bancorp Inc. increased its holdings in Cognizant Technology Solutions by 47.4% in the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock valued at $35,000 after buying an additional 146 shares during the last quarter. Benjamin Edwards Inc. increased its holdings in Cognizant Technology Solutions by 42.1% in the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock valued at $36,000 after buying an additional 158 shares during the last quarter. Finally, Eastern Bank purchased a new position in Cognizant Technology Solutions in the third quarter valued at $37,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Insider Transactions at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the completion of the transaction, the chief executive officer now directly owns 46,427 shares of the company’s stock, valued at $3,419,812.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on CTSH shares. Bank of America raised Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and increased their target price for the company from $73.00 to $75.00 in a report on Wednesday, August 7th. Robert W. Baird increased their target price on Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a research note on Tuesday. Finally, Royal Bank of Canada upped their price objective on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 28th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of “Hold” and a consensus price target of $77.58.

Cognizant Technology Solutions Stock Performance

NASDAQ:CTSH traded down $0.90 during mid-day trading on Tuesday, reaching $75.97. The stock had a trading volume of 900,446 shares, compared to its average volume of 3,805,742. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. The firm has a market capitalization of $37.77 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 2.16 and a beta of 1.05. Cognizant Technology Solutions Co. has a twelve month low of $62.14 and a twelve month high of $80.27. The business has a 50 day simple moving average of $76.46 and a 200 day simple moving average of $71.71.

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

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a yield of 1.58%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 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.