Breaking News

Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by DNB Asset Management AS

DNB Asset Management AS lowered its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) by 10.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 115,761 shares of the information technology service provider’s stock after selling 13,021 shares during the period. DNB Asset Management AS’s holdings in Cognizant Technology Solutions were worth $10,270,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Cognizant Technology Solutions by 5.9% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 187,332 shares of the information technology service provider’s stock worth $12,975,000 after buying an additional 10,386 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Cognizant Technology Solutions by 229.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 148,976 shares of the information technology service provider’s stock worth $10,318,000 after buying an additional 103,734 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of Cognizant Technology Solutions during the 2nd quarter worth approximately $513,000. 1832 Asset Management L.P. purchased a new stake in shares of Cognizant Technology Solutions during the 2nd quarter worth approximately $14,438,000. Finally, Metropolitan Life Insurance Co NY lifted its position in shares of Cognizant Technology Solutions by 111,686.0% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 63,718 shares of the information technology service provider’s stock worth $4,413,000 after buying an additional 63,661 shares during the last quarter. Hedge funds and other institutional investors own 90.15% of the company’s stock.

CTSH has been the subject of several recent analyst reports. BMO Capital Markets boosted their price objective on shares of Cognizant Technology Solutions from $92.00 to $100.00 in a research report on Thursday, February 3rd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Cognizant Technology Solutions from $81.00 to $92.00 and gave the company a “hold” rating in a research report on Monday, January 24th. UBS Group upgraded shares of Cognizant Technology Solutions from a “sell” rating to a “neutral” rating and upped their price target for the company from $58.50 to $89.00 in a research report on Thursday, January 20th. Morgan Stanley cut shares of Cognizant Technology Solutions from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $91.00 to $95.00 in a research note on Monday, January 10th. Finally, Royal Bank of Canada boosted their price objective on shares of Cognizant Technology Solutions from $90.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, November 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $92.13.

3 Stocks Set to Double

NASDAQ:CTSH opened at $88.88 on Friday. The stock has a market cap of $46.62 billion, a PE ratio of 21.95, a price-to-earnings-growth ratio of 1.57 and a beta of 1.10. Cognizant Technology Solutions Co. has a fifty-two week low of $66.19 and a fifty-two week high of $92.44. The firm’s fifty day simple moving average is $87.12 and its 200-day simple moving average is $81.60. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.05.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last issued its quarterly earnings data on Wednesday, February 2nd. The information technology service provider reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.06. The firm had revenue of $4.78 billion for the quarter, compared to analysts’ expectations of $4.78 billion. Cognizant Technology Solutions had a net margin of 11.55% and a return on equity of 19.00%. The firm’s revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.67 EPS. Equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.57 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 1st. Investors of record on Friday, February 18th were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.22%. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Thursday, February 17th. Cognizant Technology Solutions’s dividend payout ratio is presently 26.67%.

In related news, insider Rajesh Nambiar sold 5,000 shares of the stock in a transaction dated Friday, February 11th. The shares were sold at an average price of $90.50, for a total value of $452,500.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Maureen Breakiron-Evans sold 6,371 shares of the company’s stock in a transaction dated Friday, February 25th. The shares were sold at an average price of $87.76, for a total transaction of $559,118.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,003 shares of company stock worth $1,548,136. 0.31% of the stock is owned by corporate insiders.

Cognizant Technology Solutions Profile (Get Rating)

Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.

Featured Articles

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

Want More Great Investing Ideas?

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.