FIL Ltd Sells 2,643,571 Shares of Cognizant Technology Solutions Corporation (CTSH)

FIL Ltd reduced its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 49.5% during the first quarter, Holdings Channel reports. The institutional investor owned 2,700,810 shares of the information technology service provider’s stock after selling 2,643,571 shares during the period. FIL Ltd owned approximately 0.46% of Cognizant Technology Solutions Corporation worth $160,751,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of CTSH. FMR LLC increased its stake in shares of Cognizant Technology Solutions Corporation by 2.3% in the first quarter. FMR LLC now owns 13,803,392 shares of the information technology service provider’s stock valued at $821,576,000 after buying an additional 314,137 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Cognizant Technology Solutions Corporation by 190.9% in the fourth quarter. Franklin Resources Inc. now owns 12,383,985 shares of the information technology service provider’s stock valued at $693,948,000 after buying an additional 8,126,603 shares during the last quarter. Swedbank increased its stake in shares of Cognizant Technology Solutions Corporation by 2.6% in the first quarter. Swedbank now owns 7,731,077 shares of the information technology service provider’s stock valued at $460,154,000 after buying an additional 194,890 shares during the last quarter. Pzena Investment Management LLC increased its stake in shares of Cognizant Technology Solutions Corporation by 41.9% in the first quarter. Pzena Investment Management LLC now owns 6,713,981 shares of the information technology service provider’s stock valued at $399,616,000 after buying an additional 1,981,287 shares during the last quarter. Finally, Boston Partners increased its stake in shares of Cognizant Technology Solutions Corporation by 4.2% in the first quarter. Boston Partners now owns 5,895,340 shares of the information technology service provider’s stock valued at $350,891,000 after buying an additional 235,407 shares during the last quarter. Institutional investors and hedge funds own 90.78% of the company’s stock.

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

Cognizant Technology Solutions Corporation (CTSH) opened at 67.38 on Friday. The company has a market cap of $39.69 billion, a PE ratio of 24.51 and a beta of 1.14. Cognizant Technology Solutions Corporation has a one year low of $45.44 and a one year high of $67.88. The stock has a 50 day moving average price of $65.51 and a 200 day moving average price of $59.56.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its earnings results on Friday, May 5th. The information technology service provider reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.09. Cognizant Technology Solutions Corporation had a net margin of 12.07% and a return on equity of 18.77%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.52 billion. During the same period in the prior year, the firm earned $0.80 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. On average, equities analysts anticipate that Cognizant Technology Solutions Corporation will post $3.66 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Tuesday, May 23rd were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date was Thursday, May 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio is currently 21.90%.

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Several analysts recently commented on the company. BidaskClub raised Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $80.00 price objective (up previously from $66.00) on shares of Cognizant Technology Solutions Corporation in a research note on Thursday, June 15th. HSBC Holdings plc downgraded Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and raised their price objective for the stock from $65.00 to $68.00 in a research note on Thursday, June 8th. Societe Generale downgraded Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and raised their price objective for the stock from $68.00 to $74.00 in a research note on Monday, June 5th. Finally, Pacific Crest reaffirmed an “overweight” rating and set a $75.00 price objective (up previously from $73.00) on shares of Cognizant Technology Solutions Corporation in a research note on Thursday, June 1st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $65.53.

In other news, insider Ramakrishna Prasa Chintamaneni sold 5,051 shares of the stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $68.00, for a total transaction of $343,468.00. Following the completion of the transaction, the insider now directly owns 20,047 shares of the company’s stock, valued at approximately $1,363,196. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Srinivasan Veeraraghavachary sold 12,000 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $750,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 57,223 shares of company stock valued at $3,748,484 over the last three months. Insiders own 1.08% of the company’s stock.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:CTSH”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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