Assetmark Inc. Purchases 28,883 Shares of Cognizant Technology Solutions Corporation $CTSH

Assetmark Inc. raised its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 5.1% during the first quarter, HoldingsChannel reports. The firm owned 592,591 shares of the information technology service provider’s stock after acquiring an additional 28,883 shares during the quarter. Assetmark Inc.’s holdings in Cognizant Technology Solutions were worth $36,355,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Evolve Private Wealth LLC acquired a new position in Cognizant Technology Solutions in the 4th quarter worth about $2,642,000. OFI Invest Asset Management acquired a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at about $8,421,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Cognizant Technology Solutions by 34.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,874,274 shares of the information technology service provider’s stock valued at $238,565,000 after buying an additional 734,337 shares during the period. Pzena Investment Management LLC increased its stake in shares of Cognizant Technology Solutions by 14.9% in the first quarter. Pzena Investment Management LLC now owns 20,262,362 shares of the information technology service provider’s stock valued at $1,243,096,000 after buying an additional 2,633,683 shares during the period. Finally, Aware Super Pty Ltd as trustee of Aware Super bought a new position in Cognizant Technology Solutions in the 1st quarter valued at approximately $29,510,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Analyst Upgrades and Downgrades

CTSH has been the subject of several recent research reports. Susquehanna decreased their price target on shares of Cognizant Technology Solutions from $98.00 to $88.00 and set a “positive” rating for the company in a research report on Friday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of Cognizant Technology Solutions from $92.00 to $74.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 28th. The Goldman Sachs Group set a $75.00 price objective on Cognizant Technology Solutions in a report on Wednesday, April 29th. Wedbush upgraded Cognizant Technology Solutions from a “neutral” rating to an “outperform” rating and upped their price target for the company from $56.00 to $70.00 in a research report on Monday, June 8th. Finally, Daiwa Securities Group decreased their price target on Cognizant Technology Solutions from $65.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, June 24th. Ten investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $64.26.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH opened at $44.77 on Friday. The company has a fifty day moving average price of $47.46 and a 200-day moving average price of $61.04. The firm has a market cap of $21.22 billion, a price-to-earnings ratio of 9.73, a PEG ratio of 0.97 and a beta of 0.87. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.23 and a quick ratio of 2.23. Cognizant Technology Solutions Corporation has a 1 year low of $37.08 and a 1 year high of $87.03.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, April 29th. The information technology service provider reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. Cognizant Technology Solutions had a net margin of 10.41% and a return on equity of 17.50%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.41 billion. During the same period last year, the firm earned $1.23 earnings per share. The firm’s revenue was up 5.8% on a year-over-year basis. Cognizant Technology Solutions has set its FY 2026 guidance at 5.630-5.770 EPS. As a group, equities research analysts predict that Cognizant Technology Solutions Corporation will post 5.7 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Monday, May 18th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, May 18th. Cognizant Technology Solutions’s payout ratio is presently 28.70%.

Cognizant Technology Solutions announced that its Board of Directors has approved a share buyback plan on Monday, May 18th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information technology service provider to repurchase up to 9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

About Cognizant Technology Solutions

Cognizant Technology Solutions (NASDAQ: CTSH) is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.

Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.