Highland Capital Management LLC Cuts Stake in Cognizant Technology Solutions Corporation (CTSH)

Highland Capital Management LLC decreased its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,695 shares of the information technology service provider’s stock after selling 101 shares during the period. Highland Capital Management LLC’s holdings in Cognizant Technology Solutions Corporation were worth $577,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CTSH. BlackRock Inc. raised its stake in shares of Cognizant Technology Solutions Corporation by 3,470.1% in the first quarter. BlackRock Inc. now owns 40,747,905 shares of the information technology service provider’s stock worth $2,425,316,000 after buying an additional 39,606,526 shares during the last quarter. Comgest Global Investors S.A.S. acquired a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter worth approximately $224,748,000. Thrivent Financial For Lutherans raised its stake in shares of Cognizant Technology Solutions Corporation by 11,666.2% in the first quarter. Thrivent Financial For Lutherans now owns 2,468,550 shares of the information technology service provider’s stock worth $146,928,000 after buying an additional 2,447,570 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Cognizant Technology Solutions Corporation by 112.5% in the first quarter. Alliancebernstein L.P. now owns 4,487,749 shares of the information technology service provider’s stock worth $267,111,000 after buying an additional 2,375,626 shares during the last quarter. Finally, SRS Investment Management LLC acquired a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter worth approximately $134,797,000. Hedge funds and other institutional investors own 89.18% of the company’s stock.

Cognizant Technology Solutions Corporation (NASDAQ CTSH) opened at 70.00 on Tuesday. The company has a market capitalization of $41.23 billion, a P/E ratio of 25.46 and a beta of 1.16. The firm has a 50-day moving average price of $67.47 and a 200 day moving average price of $61.46. Cognizant Technology Solutions Corporation has a 12 month low of $45.44 and a 12 month high of $70.30.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its quarterly earnings data on Friday, May 5th. The information technology service provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.09. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.52 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.77% and a net margin of 12.07%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.80 earnings per share. Analysts expect that Cognizant Technology Solutions Corporation will post $3.67 EPS for the current year.

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CTSH has been the subject of a number of research reports. SunTrust Banks, Inc. upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Thursday, April 13th. Morgan Stanley raised their price objective on Cognizant Technology Solutions Corporation from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Monday, May 8th. Needham & Company LLC raised their price objective on Cognizant Technology Solutions Corporation from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Monday, May 15th. Vetr upgraded Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating and set a $67.50 price objective for the company in a research report on Friday, April 14th. Finally, Robert W. Baird raised their price objective on Cognizant Technology Solutions Corporation from $70.00 to $74.00 and gave the stock an “outperform” rating in a research report on Monday, May 8th. 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. Cognizant Technology Solutions Corporation has a consensus rating of “Buy” and an average target price of $65.41.

In other news, insider Sean Middleton sold 1,890 shares of the stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $60.00, for a total transaction of $113,400.00. Following the transaction, the insider now owns 5,888 shares in the company, valued at $353,280. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Srinivasan Veeraraghavachary sold 12,000 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $62.50, for a total value of $750,000.00. The disclosure for this sale can be found here. Insiders sold 65,707 shares of company stock worth $4,338,039 in the last 90 days. Corporate 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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