Cognizant Technology Solutions Corp (CTSH) Shares Bought by Montecito Bank & Trust

Montecito Bank & Trust boosted its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 24.1% during the third quarter, HoldingsChannel.com reports. The firm owned 5,734 shares of the information technology service provider’s stock after purchasing an additional 1,114 shares during the quarter. Montecito Bank & Trust’s holdings in Cognizant Technology Solutions were worth $443,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of CTSH. BlackRock Inc. lifted its position in Cognizant Technology Solutions by 6.9% during the second quarter. BlackRock Inc. now owns 42,845,471 shares of the information technology service provider’s stock valued at $3,384,363,000 after purchasing an additional 2,775,975 shares during the period. Voya Investment Management LLC lifted its position in Cognizant Technology Solutions by 909.3% during the second quarter. Voya Investment Management LLC now owns 2,163,755 shares of the information technology service provider’s stock valued at $170,915,000 after purchasing an additional 1,949,375 shares during the period. Flossbach Von Storch AG lifted its position in Cognizant Technology Solutions by 225.1% during the second quarter. Flossbach Von Storch AG now owns 1,464,966 shares of the information technology service provider’s stock valued at $115,718,000 after purchasing an additional 1,014,395 shares during the period. Bank of New York Mellon Corp lifted its position in Cognizant Technology Solutions by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 18,273,087 shares of the information technology service provider’s stock valued at $1,443,390,000 after purchasing an additional 836,521 shares during the period. Finally, Genesis Asset Managers LLP lifted its position in Cognizant Technology Solutions by 23.4% during the third quarter. Genesis Asset Managers LLP now owns 3,584,155 shares of the information technology service provider’s stock valued at $276,518,000 after purchasing an additional 680,400 shares during the period. Institutional investors own 87.92% of the company’s stock.

Shares of NASDAQ CTSH opened at $72.17 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.27 and a quick ratio of 3.27. The firm has a market capitalization of $44.76 billion, a PE ratio of 20.44, a PEG ratio of 1.42 and a beta of 0.90. Cognizant Technology Solutions Corp has a 1 year low of $69.69 and a 1 year high of $85.10.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Thursday, August 2nd. The information technology service provider reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.09. The firm had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Cognizant Technology Solutions had a net margin of 9.37% and a return on equity of 21.66%. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.93 earnings per share. As a group, research analysts predict that Cognizant Technology Solutions Corp will post 4.18 earnings per share for the current fiscal year.

A number of analysts have commented on the stock. Bank of America cut shares of Cognizant Technology Solutions from a “buy” rating to an “underperform” rating and reduced their target price for the company from $91.00 to $81.00 in a report on Tuesday, September 4th. HSBC raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Zacks Investment Research cut shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Monday, July 9th. JPMorgan Chase & Co. cut shares of Cognizant Technology Solutions from an “overweight” rating to a “neutral” rating and set a $66.00 target price for the company. in a report on Tuesday, August 14th. Finally, BidaskClub cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $85.73.

In other news, insider Sean Middleton sold 439 shares of the stock in a transaction on Tuesday, September 18th. The shares were sold at an average price of $76.28, for a total value of $33,486.92. Following the completion of the sale, the insider now directly owns 5,135 shares of the company’s stock, valued at $391,697.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Allen Shaheen sold 352 shares of the stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $74.89, for a total transaction of $26,361.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,288 shares of company stock valued at $3,694,551. Corporate insiders own 0.60% of the company’s stock.

About Cognizant Technology Solutions

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 business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.

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

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