Independent Portfolio Consultants Inc. cut its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 33.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,798 shares of the information technology service provider’s stock after selling 2,855 shares during the period. Independent Portfolio Consultants Inc.’s holdings in Cognizant Technology Solutions Corporation were worth $385,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. DnB Asset Management AS increased its stake in shares of Cognizant Technology Solutions Corporation by 12.7% in the second quarter. DnB Asset Management AS now owns 2,469,587 shares of the information technology service provider’s stock valued at $163,981,000 after buying an additional 278,000 shares during the period. Bath Savings Trust Co increased its stake in shares of Cognizant Technology Solutions Corporation by 0.9% in the second quarter. Bath Savings Trust Co now owns 38,105 shares of the information technology service provider’s stock valued at $2,530,000 after buying an additional 355 shares during the period. Columbia Partners L L C Investment Management increased its stake in shares of Cognizant Technology Solutions Corporation by 25.5% in the first quarter. Columbia Partners L L C Investment Management now owns 66,490 shares of the information technology service provider’s stock valued at $3,957,000 after buying an additional 13,496 shares during the period. Piedmont Investment Advisors LLC increased its stake in shares of Cognizant Technology Solutions Corporation by 0.9% in the first quarter. Piedmont Investment Advisors LLC now owns 128,152 shares of the information technology service provider’s stock valued at $7,628,000 after buying an additional 1,113 shares during the period. Finally, Ballentine Partners LLC acquired a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at about $305,000. Institutional investors own 89.94% of the company’s stock.
Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) opened at 69.50 on Thursday. Cognizant Technology Solutions Corporation has a 12 month low of $45.44 and a 12 month high of $69.50. The company has a 50-day moving average price of $67.24 and a 200-day moving average price of $61.17. The company has a market capitalization of $40.94 billion, a price-to-earnings ratio of 25.28 and a beta of 1.16.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its earnings results on Friday, May 5th. The information technology service provider reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. Cognizant Technology Solutions Corporation had a net margin of 12.07% and a return on equity of 18.77%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.52 billion. During the same quarter last year, the firm earned $0.80 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities analysts anticipate that Cognizant Technology Solutions Corporation will post $3.67 EPS for the current year.
Several brokerages have issued reports on CTSH. BidaskClub upgraded Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $80.00 price target (up from $66.00) on shares of Cognizant Technology Solutions Corporation in a report on Thursday, June 15th. HSBC Holdings plc downgraded Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and increased their price target for the stock from $65.00 to $68.00 in a report on Thursday, June 8th. Societe Generale cut Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and upped their price objective for the stock from $68.00 to $74.00 in a research report on Monday, June 5th. Finally, Pacific Crest reaffirmed an “overweight” rating and set a $75.00 price objective (up from $73.00) on shares of Cognizant Technology Solutions Corporation in a research report on Thursday, June 1st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $65.41.
In related news, insider Sean Middleton sold 1,890 shares of the firm’s stock in a transaction that occurred on Friday, April 28th. The shares were sold at an average price of $60.00, for a total transaction of $113,400.00. Following the completion of the sale, the insider now owns 5,888 shares of the company’s stock, valued at $353,280. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Srinivasan Veeraraghavachary sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $750,000.00. The disclosure for this sale can be found here. Insiders have sold 57,256 shares of company stock valued at $3,750,694 in the last ninety days. Insiders own 1.08% of the company’s stock.
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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