Galibier Capital Management Ltd. Grows Stake in Cognizant Technology Solutions Corp (CTSH)
Galibier Capital Management Ltd. lifted its position in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 15.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,559 shares of the information technology service provider’s stock after purchasing an additional 3,366 shares during the period. Cognizant Technology Solutions comprises 1.1% of Galibier Capital Management Ltd.’s investment portfolio, making the stock its 22nd largest holding. Galibier Capital Management Ltd.’s holdings in Cognizant Technology Solutions were worth $1,852,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Hunter Associates Investment Management LLC grew its holdings in shares of Cognizant Technology Solutions by 0.9% during the first quarter. Hunter Associates Investment Management LLC now owns 37,928 shares of the information technology service provider’s stock worth $2,748,000 after purchasing an additional 351 shares during the last quarter. Cape Cod Five Cents Savings Bank grew its holdings in shares of Cognizant Technology Solutions by 7.6% during the first quarter. Cape Cod Five Cents Savings Bank now owns 34,906 shares of the information technology service provider’s stock worth $2,529,000 after purchasing an additional 2,475 shares during the last quarter. NumerixS Investment Technologies Inc bought a new stake in shares of Cognizant Technology Solutions during the first quarter worth about $3,494,000. Zions Bancorporation N.A. bought a new stake in shares of Cognizant Technology Solutions during the first quarter worth about $85,000. Finally, Swiss National Bank grew its holdings in shares of Cognizant Technology Solutions by 2.4% during the first quarter. Swiss National Bank now owns 1,990,530 shares of the information technology service provider’s stock worth $144,214,000 after purchasing an additional 47,500 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.
Several analysts recently commented on the company. Wells Fargo & Co cut Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $82.00 to $75.00 in a report on Tuesday, April 16th. BMO Capital Markets reduced their target price on Cognizant Technology Solutions from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. Wedbush cut Cognizant Technology Solutions from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $80.00 to $70.00 in a report on Friday, May 3rd. ValuEngine cut Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Finally, Morgan Stanley set a $64.00 target price on Cognizant Technology Solutions and gave the company a “sell” rating in a report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $75.55.
Cognizant Technology Solutions stock opened at $61.93 on Monday. The company has a market cap of $35.26 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 1.57 and a beta of 1.05. Cognizant Technology Solutions Corp has a 52-week low of $56.73 and a 52-week high of $83.35. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 0.12.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Thursday, May 2nd. The information technology service provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.12). The business had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.16 billion. Cognizant Technology Solutions had a return on equity of 21.50% and a net margin of 12.39%. Cognizant Technology Solutions’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.94 earnings per share. As a group, sell-side analysts forecast that Cognizant Technology Solutions Corp will post 3.91 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Wednesday, May 22nd were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date was Tuesday, May 21st. Cognizant Technology Solutions’s payout ratio is 19.90%.
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Cognizant Technology Solutions Profile
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.
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