MAI Capital Management reduced its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 3.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,790 shares of the information technology service provider’s stock after selling 1,126 shares during the quarter. MAI Capital Management’s holdings in Cognizant Technology Solutions were worth $2,221,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Commonwealth Equity Services LLC increased its stake in Cognizant Technology Solutions by 4.7% in the first quarter. Commonwealth Equity Services LLC now owns 50,273 shares of the information technology service provider’s stock valued at $4,047,000 after purchasing an additional 2,274 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in Cognizant Technology Solutions in the first quarter valued at $14,306,000. Susquehanna Fundamental Investments LLC acquired a new position in Cognizant Technology Solutions in the first quarter valued at $692,000. A.R.T. Advisors LLC acquired a new position in Cognizant Technology Solutions in the first quarter valued at $732,000. Finally, Ostrum Asset Management acquired a new position in Cognizant Technology Solutions in the first quarter valued at $245,000. Institutional investors and hedge funds own 87.92% of the company’s stock.
In other Cognizant Technology Solutions news, General Counsel Matthew W. Friedrich sold 2,881 shares of the company’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $75.17, for a total transaction of $216,564.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Allen Shaheen sold 352 shares of the company’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $74.89, for a total value of $26,361.28. The disclosure for this sale can be found here. Insiders have sold 48,288 shares of company stock valued at $3,694,551 over the last 90 days. 0.60% of the stock is currently owned by insiders.
Shares of NASDAQ:CTSH opened at $72.17 on Friday. The stock has a market cap of $44.76 billion, a price-to-earnings ratio of 20.44, a PEG ratio of 1.42 and a beta of 0.90. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Corp has a 12 month low of $69.69 and a 12 month high of $85.10.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Thursday, August 2nd. The information technology service provider reported $1.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.09. The company had revenue of $4.01 billion during the quarter, compared to analyst estimates of $4.03 billion. Cognizant Technology Solutions had a return on equity of 21.66% and a net margin of 9.37%. The firm’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.93 earnings per share. Research analysts predict that Cognizant Technology Solutions Corp will post 4.18 EPS for the current fiscal year.
Several equities analysts recently commented on CTSH shares. Bank of America lowered Cognizant Technology Solutions from a “buy” rating to an “underperform” rating and dropped their target price for the company from $91.00 to $81.00 in a research note on Tuesday, September 4th. HSBC upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Tuesday, September 18th. Zacks Investment Research lowered Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Monday, July 9th. JPMorgan Chase & Co. lowered Cognizant Technology Solutions from an “overweight” rating to a “neutral” rating and set a $66.00 target price for the company. in a research note on Tuesday, August 14th. Finally, BidaskClub lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $85.73.
Cognizant Technology Solutions Company 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 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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