Investors Sell Shares of Cognizant Technology Solutions Corp. (CTSH) on Strength After Analyst Downgrade
Traders sold shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) on strength during trading on Monday after Jefferies Group lowered their price target on the stock from $70.00 to $63.00. $15.87 million flowed into the stock on the tick-up and $44.57 million flowed out of the stock on the tick-down, for a money net flow of $28.70 million out of the stock. Of all equities tracked, Cognizant Technology Solutions Corp. had the 25th highest net out-flow for the day. Cognizant Technology Solutions Corp. traded up $0.10 for the day and closed at $50.45
CTSH has been the topic of a number of other research reports. Morgan Stanley reiterated an “overweight” rating and set a $61.00 price target (down previously from $66.00) on shares of Cognizant Technology Solutions Corp. in a report on Sunday. Needham & Company LLC reiterated a “buy” rating and set a $68.00 price target on shares of Cognizant Technology Solutions Corp. in a report on Sunday, October 2nd. Zacks Investment Research downgraded Cognizant Technology Solutions Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, September 21st. Pacific Crest set a $67.00 price target on Cognizant Technology Solutions Corp. and gave the company a “buy” rating in a report on Monday, October 3rd. Finally, Deutsche Bank AG restated a “buy” rating and issued a $69.00 target price on shares of Cognizant Technology Solutions Corp. in a research note on Tuesday, October 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $65.52.
In other news, CFO Karen Mcloughlin sold 20,000 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $60.00, for a total value of $1,200,000.00. Following the transaction, the chief financial officer now owns 60,741 shares of the company’s stock, valued at approximately $3,644,460. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Malcolm Frank sold 1,248 shares of the stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $58.50, for a total value of $73,008.00. Following the completion of the transaction, the vice president now directly owns 3,945 shares in the company, valued at approximately $230,782.50. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.
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Several hedge funds and other institutional investors have recently bought and sold shares of CTSH. Advisory Services Network LLC increased its position in Cognizant Technology Solutions Corp. by 12.3% in the third quarter. Advisory Services Network LLC now owns 14,726 shares of the information technology service provider’s stock worth $703,000 after buying an additional 1,613 shares during the period. Trust Co. of Oklahoma increased its position in Cognizant Technology Solutions Corp. by 5.5% in the third quarter. Trust Co. of Oklahoma now owns 29,305 shares of the information technology service provider’s stock worth $1,398,000 after buying an additional 1,538 shares during the period. Genesis Asset Managers LLP increased its position in Cognizant Technology Solutions Corp. by 25.9% in the third quarter. Genesis Asset Managers LLP now owns 8,187,200 shares of the information technology service provider’s stock worth $410,097,000 after buying an additional 1,686,147 shares during the period. Bremer Trust National Association increased its position in Cognizant Technology Solutions Corp. by 14.7% in the third quarter. Bremer Trust National Association now owns 5,654 shares of the information technology service provider’s stock worth $270,000 after buying an additional 725 shares during the period. Finally, Woodstock Corp increased its position in Cognizant Technology Solutions Corp. by 0.8% in the third quarter. Woodstock Corp now owns 10,170 shares of the information technology service provider’s stock worth $485,000 after buying an additional 85 shares during the period. 87.00% of the stock is currently owned by institutional investors.
The firm’s 50-day moving average price is $54.97 and its 200-day moving average price is $58.47. The company has a market cap of $30.62 billion, a P/E ratio of 20.34 and a beta of 1.43.
Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last issued its quarterly earnings data on Friday, August 5th. The information technology service provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.05. Cognizant Technology Solutions Corp. had a net margin of 11.65% and a return on equity of 19.31%. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.37 billion. During the same quarter in the previous year, the firm posted $0.79 earnings per share. Cognizant Technology Solutions Corp.’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, analysts forecast that Cognizant Technology Solutions Corp. will post $3.38 earnings per share for the current year.
About Cognizant Technology Solutions Corp.
Cognizant Technology Solutions Corporation is a provider of information technology (IT), consulting and business process services. The Company operates through four segments: Financial Services, which includes customers providing banking/transaction processing, capital markets and insurance services; Healthcare, which includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies; Manufacturing, Retail and Logistics, which includes manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services, and Other, which includes communications, manufacturing/retail/logistics, and high technology.
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