Perkins Coie Trust Co cut its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,444 shares of the information technology service provider’s stock after selling 50 shares during the period. Perkins Coie Trust Co’s holdings in Cognizant Technology Solutions Corporation were worth $162,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Cognizant Technology Solutions Corporation by 0.5% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 122,495 shares of the information technology service provider’s stock valued at $6,863,000 after buying an additional 615 shares in the last quarter. RMB Capital Management LLC raised its position in shares of Cognizant Technology Solutions Corporation by 17.7% in the fourth quarter. RMB Capital Management LLC now owns 423,805 shares of the information technology service provider’s stock valued at $23,746,000 after buying an additional 63,764 shares in the last quarter. Hudson Bay Capital Management LP bought a new position in shares of Cognizant Technology Solutions Corporation during the fourth quarter valued at approximately $18,210,000. HighPoint Advisor Group LLC bought a new position in shares of Cognizant Technology Solutions Corporation during the fourth quarter valued at approximately $669,000. Finally, M Holdings Securities Inc. raised its position in shares of Cognizant Technology Solutions Corporation by 62.3% in the fourth quarter. M Holdings Securities Inc. now owns 16,825 shares of the information technology service provider’s stock valued at $943,000 after buying an additional 6,458 shares in the last quarter. Institutional investors own 89.94% of the company’s stock.
Shares of Cognizant Technology Solutions Corporation (CTSH) opened at 69.98 on Friday. The firm has a 50-day moving average price of $67.33 and a 200-day moving average price of $61.24. Cognizant Technology Solutions Corporation has a 12-month low of $45.44 and a 12-month high of $70.30. The firm has a market cap of $41.22 billion, a P/E ratio of 25.46 and a beta of 1.16.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its quarterly earnings results on Friday, May 5th. The information technology service provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. Cognizant Technology Solutions Corporation had a return on equity of 18.77% and a net margin of 12.07%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.52 billion. During the same quarter in the prior year, the business posted $0.80 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts expect that Cognizant Technology Solutions Corporation will post $3.67 earnings per share for the current fiscal year.
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Several equities analysts have commented on CTSH shares. Berenberg Bank started coverage on shares of Cognizant Technology Solutions Corporation in a research note on Wednesday, March 29th. They issued a “hold” rating and a $65.00 price target on the stock. SunTrust Banks, Inc. upgraded shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Thursday, April 13th. Vetr upgraded shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating and set a $67.50 price target on the stock in a research note on Friday, April 14th. Cantor Fitzgerald reiterated a “buy” rating and issued a $67.00 price target on shares of Cognizant Technology Solutions Corporation in a research note on Friday, May 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price target (up from $65.00) on shares of Cognizant Technology Solutions Corporation in a research note on Friday, May 5th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $65.41.
In other news, insider Debashis Chatterjee sold 3,452 shares of the stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $69.50, for a total value of $239,914.00. Following the completion of the transaction, the insider now owns 42,628 shares of the company’s stock, valued at $2,962,646. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Allen Shaheen sold 4,186 shares of the stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $67.56, for a total value of $282,806.16. Following the completion of the transaction, the executive vice president now directly owns 442 shares of the company’s stock, valued at approximately $29,861.52. The disclosure for this sale can be found here. In the last three months, insiders sold 65,707 shares of company stock valued at $4,338,039. Company insiders own 1.08% of the company’s stock.
About Cognizant Technology Solutions Corporation
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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