Smith Salley & Associates Buys 4,613 Shares of Cognizant Technology Solutions Corp (CTSH)

Smith Salley & Associates increased its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 4.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 116,088 shares of the information technology service provider’s stock after purchasing an additional 4,613 shares during the quarter. Cognizant Technology Solutions accounts for approximately 1.4% of Smith Salley & Associates’ holdings, making the stock its 24th biggest position. Smith Salley & Associates’ holdings in Cognizant Technology Solutions were worth $8,956,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CTSH. BlackRock Inc. lifted its holdings in shares of Cognizant Technology Solutions by 6.9% during the second quarter. BlackRock Inc. now owns 42,845,471 shares of the information technology service provider’s stock worth $3,384,363,000 after purchasing an additional 2,775,975 shares during the period. Voya Investment Management LLC lifted its holdings in shares of Cognizant Technology Solutions by 909.3% during the second quarter. Voya Investment Management LLC now owns 2,163,755 shares of the information technology service provider’s stock worth $170,915,000 after purchasing an additional 1,949,375 shares during the period. Flossbach Von Storch AG lifted its holdings in shares of Cognizant Technology Solutions by 225.1% during the second quarter. Flossbach Von Storch AG now owns 1,464,966 shares of the information technology service provider’s stock worth $115,718,000 after purchasing an additional 1,014,395 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Cognizant Technology Solutions by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 18,273,087 shares of the information technology service provider’s stock worth $1,443,390,000 after purchasing an additional 836,521 shares during the period. Finally, Coronation Fund Managers Ltd. lifted its holdings in shares of Cognizant Technology Solutions by 68.8% during the third quarter. Coronation Fund Managers Ltd. now owns 1,707,758 shares of the information technology service provider’s stock worth $131,754,000 after purchasing an additional 695,766 shares during the period. 88.08% of the stock is owned by hedge funds and other institutional investors.

In other news, EVP Allen Shaheen sold 352 shares of the firm’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $74.89, for a total value of $26,361.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Matthew W. Friedrich sold 2,881 shares of the firm’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $75.17, for a total value of $216,564.77. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,063 shares of company stock valued at $611,427. Company insiders own 0.60% of the company’s stock.

CTSH has been the subject of a number of recent analyst reports. BidaskClub raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Friday, July 13th. Wolfe Research initiated coverage on Cognizant Technology Solutions in a report on Tuesday, July 17th. They issued a “market perform” rating for the company. BMO Capital Markets reissued a “buy” rating and issued a $85.00 target price on shares of Cognizant Technology Solutions in a report on Thursday, August 2nd. Cowen reissued a “buy” rating and issued a $87.00 target price on shares of Cognizant Technology Solutions in a report on Friday, August 3rd. Finally, KeyCorp reduced their target price on Cognizant Technology Solutions from $91.00 to $89.00 and set an “overweight” rating for the company in a report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $84.42.

Shares of CTSH stock opened at $70.34 on Friday. Cognizant Technology Solutions Corp has a fifty-two week low of $65.14 and a fifty-two week high of $85.10. The firm has a market capitalization of $41.41 billion, a PE ratio of 19.93, a PEG ratio of 1.32 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.24 and a quick ratio of 3.24.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Tuesday, October 30th. The information technology service provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. Cognizant Technology Solutions had a return on equity of 22.54% and a net margin of 9.07%. The business had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter last year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Cognizant Technology Solutions Corp will post 4.17 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Tuesday, November 20th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Monday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is currently 22.66%.

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Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.

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Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

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