Cognizant Technology Solutions Corporation (NASDAQ:CTSH) hit a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $70.90 and last traded at $70.91, with a volume of 2,296,473 shares traded. The stock had previously closed at $69.95.

The information technology service provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.11. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.77% and a net margin of 12.07%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.87 EPS.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 22nd will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 0.86%. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is currently 21.90%.

A number of equities analysts have issued reports on the company. BMO Capital Markets reiterated a “buy” rating on shares of Cognizant Technology Solutions Corporation in a research note on Friday. Credit Suisse Group set a $80.00 price target on Cognizant Technology Solutions Corporation and gave the company a “buy” rating in a research note on Friday. They noted that the move was a valuation call. Loop Capital upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Friday. Cowen and Company reiterated a “buy” rating and set a $75.00 price target on shares of Cognizant Technology Solutions Corporation in a research note on Friday, July 28th. Finally, Vetr upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $71.62 price target for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $66.50.

In other news, insider Debashis Chatterjee sold 3,452 shares of the business’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $69.50, for a total transaction of $239,914.00. Following the completion of the transaction, the insider now directly owns 42,628 shares in the company, valued at approximately $2,962,646. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gajakarnan Vibushanan Kandiah sold 4,999 shares of the business’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $69.50, for a total transaction of $347,430.50. Following the transaction, the insider now owns 10,515 shares of the company’s stock, valued at $730,792.50. The disclosure for this sale can be found here. Insiders have sold a total of 63,783 shares of company stock valued at $4,222,615 over the last 90 days. Company insiders own 1.08% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Guardian Life Insurance Co. of America raised its position in Cognizant Technology Solutions Corporation by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock worth $140,000 after buying an additional 27 shares during the period. Assetmark Inc. raised its position in Cognizant Technology Solutions Corporation by 24.2% in the first quarter. Assetmark Inc. now owns 2,592 shares of the information technology service provider’s stock worth $154,000 after buying an additional 505 shares during the period. IFP Advisors Inc raised its position in Cognizant Technology Solutions Corporation by 40.8% in the first quarter. IFP Advisors Inc now owns 2,696 shares of the information technology service provider’s stock worth $160,000 after buying an additional 781 shares during the period. Acadian Asset Management LLC raised its position in Cognizant Technology Solutions Corporation by 253.9% in the first quarter. Acadian Asset Management LLC now owns 3,231 shares of the information technology service provider’s stock worth $192,000 after buying an additional 2,318 shares during the period. Finally, Advisory Services Network LLC purchased a new position in Cognizant Technology Solutions Corporation during the first quarter worth approximately $192,000. Hedge funds and other institutional investors own 89.10% of the company’s stock.

The company’s 50-day moving average price is $67.94 and its 200-day moving average price is $62.02. The stock has a market capitalization of $41.91 billion, a PE ratio of 25.89 and a beta of 1.17.

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Cognizant Technology Solutions Corporation Company Profile

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

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