Arizona State Retirement System reduced its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 0.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,038 shares of the information technology service provider’s stock after selling 369 shares during the quarter. Arizona State Retirement System’s holdings in Cognizant Technology Solutions were worth $14,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Acima Private Wealth LLC bought a new stake in Cognizant Technology Solutions in the fourth quarter worth $29,000. Sontag Advisory LLC bought a new stake in Cognizant Technology Solutions in the fourth quarter worth $30,000. Somerset Trust Co increased its stake in Cognizant Technology Solutions by 152.0% in the first quarter. Somerset Trust Co now owns 494 shares of the information technology service provider’s stock worth $36,000 after purchasing an additional 298 shares during the period. Citizens Financial Group Inc RI increased its stake in Cognizant Technology Solutions by 176.5% in the fourth quarter. Citizens Financial Group Inc RI now owns 611 shares of the information technology service provider’s stock worth $39,000 after purchasing an additional 390 shares during the period. Finally, Kistler Tiffany Companies LLC increased its stake in Cognizant Technology Solutions by 133.5% in the fourth quarter. Kistler Tiffany Companies LLC now owns 642 shares of the information technology service provider’s stock worth $41,000 after purchasing an additional 367 shares during the period. 88.67% of the stock is owned by institutional investors and hedge funds.
In other Cognizant Technology Solutions news, VP Malcolm Frank sold 437 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $71.81, for a total transaction of $31,380.97. Following the completion of the sale, the vice president now directly owns 27,009 shares of the company’s stock, valued at approximately $1,939,516.29. 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 2,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $74.00, for a total value of $148,000.00. Following the sale, the chief operating officer now directly owns 38,992 shares of the company’s stock, valued at $2,885,408. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,162 shares of company stock worth $3,542,788. Company insiders own 0.60% of the company’s stock.
NASDAQ CTSH traded down $0.89 during trading hours on Monday, hitting $72.48. 1,296,658 shares of the company were exchanged, compared to its average volume of 2,917,168. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.12 and a quick ratio of 3.12. Cognizant Technology Solutions Corp has a 52-week low of $59.47 and a 52-week high of $83.35. The company has a market cap of $42.20 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 1.64 and a beta of 0.97.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, February 6th. The information technology service provider reported $1.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Cognizant Technology Solutions had a return on equity of 22.15% and a net margin of 13.03%. The company had revenue of $4.13 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the prior year, the business earned $1.03 EPS. Cognizant Technology Solutions’s revenue was up 7.9% on a year-over-year basis. Equities research analysts anticipate that Cognizant Technology Solutions Corp will post 4.42 earnings per share for the current fiscal year.
A number of research firms have recently commented on CTSH. BMO Capital Markets boosted their price objective on Cognizant Technology Solutions to $80.00 and gave the company a “market perform” rating in a research report on Monday, February 4th. Zacks Investment Research upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $83.00 price target for the company in a research report on Monday, April 8th. KeyCorp boosted their price objective on Cognizant Technology Solutions from $79.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, February 7th. Sanford C. Bernstein raised Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research note on Friday, January 25th. Finally, BidaskClub lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Saturday, February 23rd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $80.00.
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 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.
Recommended Story: Resistance Level
Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Corp (NASDAQ:CTSH).
Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.