Pathstone Family Office LLC Has $974,000 Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Posted by Defense World Staff on Mar 13th, 2023

Pathstone Family Office LLC grew its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) by 57.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 16,539 shares of the information technology service provider’s stock after purchasing an additional 6,032 shares during the period. Pathstone Family Office LLC’s holdings in Cognizant Technology Solutions were worth $974,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CTSH. Voya Investment Management LLC increased its holdings in shares of Cognizant Technology Solutions by 16.6% during the second quarter. Voya Investment Management LLC now owns 311,589 shares of the information technology service provider’s stock worth $21,029,000 after buying an additional 44,329 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in Cognizant Technology Solutions in the third quarter valued at about $83,000. Donoghue Forlines LLC acquired a new stake in shares of Cognizant Technology Solutions during the third quarter valued at about $424,000. Occudo Quantitative Strategies LP bought a new stake in shares of Cognizant Technology Solutions during the second quarter worth about $4,050,000. Finally, Mutual Advisors LLC acquired a new position in shares of Cognizant Technology Solutions in the third quarter valued at approximately $725,000. Institutional investors and hedge funds own 90.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Bank of America cut shares of Cognizant Technology Solutions from a “neutral” rating to an “underperform” rating and set a $57.00 price target for the company. in a research report on Monday, January 9th. Robert W. Baird downgraded Cognizant Technology Solutions from an “outperform” rating to a “neutral” rating and increased their price objective for the company from $66.00 to $68.00 in a report on Friday, February 3rd. TheStreet raised Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a report on Tuesday, January 31st. Wolfe Research cut Cognizant Technology Solutions from a “peer perform” rating to an “underperform” rating and set a $49.00 price target for the company. in a research note on Thursday, January 5th. Finally, Morgan Stanley cut their price objective on Cognizant Technology Solutions from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Friday, February 3rd. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has a consensus rating of “Hold” and a consensus price target of $69.75.

Cognizant Technology Solutions Price Performance

Shares of CTSH opened at $60.38 on Monday. The business’s fifty day moving average is $63.77 and its 200 day moving average is $61.11. Cognizant Technology Solutions Co. has a 12-month low of $51.33 and a 12-month high of $93.47. The company has a quick ratio of 2.17, a current ratio of 2.17 and a debt-to-equity ratio of 0.05. The stock has a market cap of $30.75 billion, a P/E ratio of 13.66, a P/E/G ratio of 1.22 and a beta of 1.10.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The information technology service provider reported $1.01 earnings per share for the quarter, hitting the consensus estimate of $1.01. Cognizant Technology Solutions had a net margin of 11.79% and a return on equity of 18.92%. The business had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the previous year, the company earned $1.10 earnings per share. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. Sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.51 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Friday, February 17th were paid a dividend of $0.29 per share. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.27. The ex-dividend date was Thursday, February 16th. This represents a $1.16 annualized dividend and a dividend yield of 1.92%. Cognizant Technology Solutions’s dividend payout ratio is presently 26.24%.

Cognizant Technology Solutions Company Profile

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Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.