Wasatch Advisors Inc. Reduces Stake in Cognizant Technology Solutions Corporation (CTSH)

Wasatch Advisors Inc. cut its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 19.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,173 shares of the information technology service provider’s stock after selling 11,274 shares during the quarter. Wasatch Advisors Inc.’s holdings in Cognizant Technology Solutions Corporation were worth $3,066,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Comgest Global Investors S.A.S. lifted its position in Cognizant Technology Solutions Corporation by 57.7% in the second quarter. Comgest Global Investors S.A.S. now owns 5,954,817 shares of the information technology service provider’s stock worth $395,400,000 after buying an additional 2,178,800 shares during the last quarter. Oak Ridge Investments LLC lifted its position in Cognizant Technology Solutions Corporation by 7.1% in the second quarter. Oak Ridge Investments LLC now owns 169,645 shares of the information technology service provider’s stock worth $11,264,000 after buying an additional 11,316 shares during the last quarter. Atlantic Trust Group LLC lifted its position in Cognizant Technology Solutions Corporation by 1.3% in the second quarter. Atlantic Trust Group LLC now owns 637,050 shares of the information technology service provider’s stock worth $42,300,000 after buying an additional 8,245 shares during the last quarter. Dalton Investments LLC lifted its position in Cognizant Technology Solutions Corporation by 7.3% in the second quarter. Dalton Investments LLC now owns 320,422 shares of the information technology service provider’s stock worth $21,276,000 after buying an additional 21,800 shares during the last quarter. Finally, BT Investment Management Ltd bought a new stake in Cognizant Technology Solutions Corporation in the second quarter worth $83,134,000. 87.16% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages recently issued reports on CTSH. Robert W. Baird raised their price target on Cognizant Technology Solutions Corporation from $80.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, October 19th. Royal Bank Of Canada restated a “buy” rating and issued a $77.00 price target on shares of Cognizant Technology Solutions Corporation in a research report on Sunday, October 8th. Zacks Investment Research upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a research report on Tuesday, October 10th. Jefferies Group LLC reiterated a “buy” rating and set a $81.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Thursday, October 12th. Finally, KeyCorp reiterated a “buy” rating and set a $79.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Thursday, October 12th. Four investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Cognizant Technology Solutions Corporation currently has a consensus rating of “Buy” and a consensus price target of $74.07.

Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) traded up 0.82% during midday trading on Friday, hitting $75.19. The stock had a trading volume of 552,429 shares. The stock has a market cap of $44.41 billion, a PE ratio of 24.12 and a beta of 1.12. The firm has a 50 day moving average price of $72.89 and a 200 day moving average price of $68.09. Cognizant Technology Solutions Corporation has a one year low of $50.86 and a one year high of $75.50.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.11. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 earnings per share. On average, equities analysts forecast that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current fiscal year.

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In other news, EVP Allen Shaheen sold 442 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $70.58, for a total transaction of $31,196.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Debashis Chatterjee sold 2,190 shares of the stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $74.00, for a total value of $162,060.00. The disclosure for this sale can be found here. Insiders have sold a total of 281,095 shares of company stock valued at $20,095,913 in the last quarter. 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.

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

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