Cognizant Technology Solutions Corporation (CTSH) Shares Sold by Sigma Investment Counselors Inc.

Sigma Investment Counselors Inc. decreased its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 6.8% during the second quarter, Holdings Channel reports. The fund owned 27,737 shares of the information technology service provider’s stock after selling 2,035 shares during the period. Sigma Investment Counselors Inc.’s holdings in Cognizant Technology Solutions Corporation were worth $1,842,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased 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 valued at $2,425,316,000 after buying an additional 39,606,526 shares during the last quarter. Comgest Global Investors S.A.S. bought a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at approximately $224,748,000. Thrivent Financial For Lutherans increased 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 valued at $146,928,000 after buying an additional 2,447,570 shares during the last quarter. Alliancebernstein L.P. increased 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 valued at $267,111,000 after buying an additional 2,375,626 shares during the last quarter. Finally, SRS Investment Management LLC bought a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at approximately $134,797,000. 89.21% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Corporation (NASDAQ CTSH) opened at 71.01 on Thursday. Cognizant Technology Solutions Corporation has a 52 week low of $45.44 and a 52 week high of $71.57. The company has a market capitalization of $41.82 billion, a price-to-earnings ratio of 25.83 and a beta of 1.17. The company’s 50-day moving average is $68.52 and its 200 day moving average is $62.51.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.11. Cognizant Technology Solutions Corporation had a net margin of 13.36% and a return on equity of 18.72%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the business posted $0.87 EPS. The company’s quarterly revenue was up 8.9% on a year-over-year basis. On average, analysts forecast that Cognizant Technology Solutions Corporation will post $3.70 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Tuesday, August 22nd will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, August 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is presently 19.17%.

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Several analysts recently commented on CTSH shares. SunTrust Banks, Inc. raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a report on Thursday, April 13th. Morgan Stanley lifted their target price on shares of Cognizant Technology Solutions Corporation from $62.00 to $65.00 and gave the stock an “equal weight” rating in a report on Monday, May 8th. Needham & Company LLC lifted their target price on shares of Cognizant Technology Solutions Corporation from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Monday, May 15th. Vetr raised shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating and set a $67.50 target price for the company in a report on Friday, April 14th. Finally, Robert W. Baird lifted their price objective on shares of Cognizant Technology Solutions Corporation from $70.00 to $74.00 and gave the stock an “outperform” rating in a research note on Monday, May 8th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Cognizant Technology Solutions Corporation has an average rating of “Buy” and an average price target of $70.02.

In other news, EVP James Patrick Lennox sold 7,315 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $69.69, for a total transaction of $509,782.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Sean Middleton sold 1,890 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $65.00, for a total transaction of $122,850.00. Following the sale, the insider now owns 2,108 shares in the company, valued at approximately $137,020. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,528 shares of company stock worth $5,306,449. Company 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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Institutional Ownership by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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