Watch Point Trust Co lessened its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,262 shares of the information technology service provider’s stock after selling 1,951 shares during the period. Watch Point Trust Co’s holdings in Cognizant Technology Solutions were worth $3,209,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Generation Investment Management LLP purchased a new stake in Cognizant Technology Solutions in the 2nd quarter valued at about $662,915,000. Price T Rowe Associates Inc. MD increased its stake in Cognizant Technology Solutions by 354.2% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,652,397 shares of the information technology service provider’s stock valued at $675,256,000 after buying an additional 8,307,253 shares during the last quarter. Genesis Investment Management LLP purchased a new stake in Cognizant Technology Solutions in the 3rd quarter valued at about $187,097,000. Nuveen Asset Management LLC increased its stake in Cognizant Technology Solutions by 15,091.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,298,909 shares of the information technology service provider’s stock valued at $145,727,000 after buying an additional 2,283,776 shares during the last quarter. Finally, Eaton Vance Management increased its stake in Cognizant Technology Solutions by 481.4% in the 2nd quarter. Eaton Vance Management now owns 2,136,682 shares of the information technology service provider’s stock valued at $135,444,000 after buying an additional 1,769,176 shares during the last quarter. Institutional investors own 91.23% of the company’s stock.
In other news, General Counsel Matthew W. Friedrich sold 3,104 shares of Cognizant Technology Solutions stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $62.23, for a total transaction of $193,161.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John E. Klein sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $61.13, for a total transaction of $611,300.00. Following the sale, the director now directly owns 459,987 shares in the company, valued at approximately $28,119,005.31. The disclosure for this sale can be found here. Insiders have sold a total of 18,823 shares of company stock worth $1,169,337 in the last ninety days. Insiders own 0.56% of the company’s stock.
CTSH traded down $0.17 on Friday, hitting $62.86. The company’s stock had a trading volume of 1,858,000 shares, compared to its average volume of 4,136,774. The company’s 50 day simple moving average is $60.68 and its 200-day simple moving average is $62.73. The firm has a market cap of $34.28 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 1.42 and a beta of 1.05. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.13. Cognizant Technology Solutions Corp has a 12 month low of $56.73 and a 12 month high of $74.85.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, October 30th. The information technology service provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.21 billion. Cognizant Technology Solutions had a net margin of 12.60% and a return on equity of 20.23%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.05 EPS. Equities analysts predict that Cognizant Technology Solutions Corp will post 3.97 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Monday, November 18th. Cognizant Technology Solutions’s payout ratio is 19.90%.
A number of research analysts have recently weighed in on the stock. UBS Group downgraded shares of Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and reduced their target price for the company from $62.00 to $60.00 in a research report on Friday, August 2nd. BMO Capital Markets reduced their target price on shares of Cognizant Technology Solutions to $75.00 and set an “outperform” rating for the company in a research report on Monday, October 28th. Robert W. Baird set a $76.00 target price on shares of Cognizant Technology Solutions and gave the company a “buy” rating in a research report on Friday, September 6th. Citigroup reduced their target price on shares of Cognizant Technology Solutions from $76.00 to $69.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Finally, TheStreet raised shares of Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a research report on Tuesday, July 23rd. Six research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $71.48.
About Cognizant Technology Solutions
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 analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.
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