Cetera Investment Advisers lowered its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 10.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 5,990 shares of the information technology service provider’s stock after selling 717 shares during the quarter. Cetera Investment Advisers’ holdings in Cognizant Technology Solutions were worth $435,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of CTSH. Acima Private Wealth LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $29,000. Sontag Advisory LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $30,000. Somerset Trust Co boosted its holdings in Cognizant Technology Solutions by 152.0% during the 1st quarter. Somerset Trust Co now owns 494 shares of the information technology service provider’s stock worth $36,000 after acquiring an additional 298 shares during the last quarter. Citizens Financial Group Inc RI boosted its holdings in Cognizant Technology Solutions by 176.5% during the 4th quarter. Citizens Financial Group Inc RI now owns 611 shares of the information technology service provider’s stock worth $39,000 after acquiring an additional 390 shares during the last quarter. Finally, Pinnacle Bank purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $42,000. 88.67% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Allen Shaheen sold 396 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $73.80, for a total value of $29,224.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Srinivasan Veeraraghavachary sold 2,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $74.00, for a total value of $148,000.00. Following the completion of the sale, the chief operating officer now owns 38,992 shares in the company, valued at $2,885,408. The disclosure for this sale can be found here. Insiders sold a total of 47,954 shares of company stock worth $3,456,742 over the last 90 days. 0.56% of the stock is currently owned by company insiders.
A number of research firms have issued reports on CTSH. KeyCorp lifted their price objective on shares of Cognizant Technology Solutions from $79.00 to $84.00 and gave the stock an “overweight” rating in a report on Thursday, February 7th. BMO Capital Markets raised shares of Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating in a report on Wednesday, February 6th. Wells Fargo & Co downgraded shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $82.00 to $75.00 in a report on Tuesday, April 16th. Zacks Investment Research raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $83.00 price objective on the stock in a report on Monday, April 8th. Finally, Daiwa Capital Markets began coverage on shares of Cognizant Technology Solutions in a report on Wednesday, February 13th. They set a “buy” rating and a $90.00 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $75.55.
Shares of NASDAQ:CTSH opened at $58.60 on Thursday. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $32.38 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.43 and a beta of 0.95. Cognizant Technology Solutions Corp has a fifty-two week low of $56.73 and a fifty-two week high of $83.35.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Thursday, May 2nd. The information technology service provider reported $0.91 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.12). The company had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.16 billion. Cognizant Technology Solutions had a return on equity of 21.50% and a net margin of 12.39%. Cognizant Technology Solutions’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. On average, analysts expect that Cognizant Technology Solutions Corp will post 3.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 22nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Tuesday, May 21st. Cognizant Technology Solutions’s dividend payout ratio is currently 19.90%.
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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 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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