Seven Eight Capital LP Increases Position in Cognizant Technology Solutions Corporation (CTSH)

Seven Eight Capital LP increased its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 463.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,808 shares of the information technology service provider’s stock after acquiring an additional 31,100 shares during the quarter. Seven Eight Capital LP’s holdings in Cognizant Technology Solutions Corporation were worth $2,510,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. increased its position in Cognizant Technology Solutions Corporation by 3,470.1% during 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 acquiring an additional 39,606,526 shares during the period. Vanguard Group Inc. increased its position in Cognizant Technology Solutions Corporation by 3.5% during the first quarter. Vanguard Group Inc. now owns 40,545,109 shares of the information technology service provider’s stock worth $2,413,246,000 after acquiring an additional 1,379,271 shares during the period. State Street Corp increased its position in Cognizant Technology Solutions Corporation by 1.8% during the first quarter. State Street Corp now owns 24,267,262 shares of the information technology service provider’s stock worth $1,444,391,000 after acquiring an additional 435,142 shares during the period. Edgewood Management LLC increased its position in Cognizant Technology Solutions Corporation by 3.9% during the first quarter. Edgewood Management LLC now owns 14,706,635 shares of the information technology service provider’s stock worth $875,339,000 after acquiring an additional 557,035 shares during the period. Finally, FMR LLC increased its position in Cognizant Technology Solutions Corporation by 2.3% during the first quarter. FMR LLC now owns 13,803,392 shares of the information technology service provider’s stock worth $821,576,000 after acquiring an additional 314,137 shares during the period. 87.64% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) traded down 0.21% on Wednesday, reaching $72.69. 559,058 shares of the company traded hands. The company has a market capitalization of $42.93 billion, a P/E ratio of 23.32 and a beta of 1.14. Cognizant Technology Solutions Corporation has a one year low of $45.44 and a one year high of $72.99. The firm’s 50 day moving average is $70.32 and its 200 day moving average is $64.87.

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

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 22nd were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend was Friday, August 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is presently 19.17%.

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In related news, COO Srinivasan Veeraraghavachary sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $71.00, for a total value of $177,500.00. Following the sale, the chief operating officer now directly owns 27,165 shares of the company’s stock, valued at $1,928,715. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Rajeev Mehta sold 32,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $71.02, for a total value of $2,272,640.00. Following the completion of the sale, the president now directly owns 187,965 shares in the company, valued at $13,349,274.30. The disclosure for this sale can be found here. Insiders sold 163,330 shares of company stock worth $11,517,429 over the last ninety days. 1.08% of the stock is currently owned by insiders.

A number of equities analysts recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $78.00 target price (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, August 9th. Berenberg Bank raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and boosted their target price for the stock from $65.00 to $85.00 in a research report on Tuesday, August 8th. KeyCorp reaffirmed a “buy” rating and set a $79.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Friday, September 8th. Zacks Investment Research raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Tuesday, August 8th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $76.00 target price (up previously from $69.00) on shares of Cognizant Technology Solutions Corporation in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Cognizant Technology Solutions Corporation currently has an average rating of “Buy” and a consensus price target of $71.43.

About Cognizant Technology Solutions Corporation

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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