Forbes J M & Co. LLP Decreases Stake in Cognizant Technology Solutions Corporation (CTSH)

Forbes J M & Co. LLP lowered its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 4.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,949 shares of the information technology service provider’s stock after selling 192 shares during the period. Forbes J M & Co. LLP’s holdings in Cognizant Technology Solutions Corporation were worth $262,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CTSH. Guardian Life Insurance Co. of America raised its position in shares of Cognizant Technology Solutions Corporation by 1.2% in the 1st quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock worth $140,000 after acquiring an additional 27 shares in the last quarter. Assetmark Inc. increased its position in Cognizant Technology Solutions Corporation by 24.2% during the 1st quarter. Assetmark Inc. now owns 2,592 shares of the information technology service provider’s stock valued at $154,000 after buying an additional 505 shares in the last quarter. Manchester Capital Management LLC increased its position in Cognizant Technology Solutions Corporation by 15.7% during the 2nd quarter. Manchester Capital Management LLC now owns 2,728 shares of the information technology service provider’s stock valued at $181,000 after buying an additional 370 shares in the last quarter. Acadian Asset Management LLC increased its position in Cognizant Technology Solutions Corporation by 253.9% during the 1st quarter. Acadian Asset Management LLC now owns 3,231 shares of the information technology service provider’s stock valued at $192,000 after buying an additional 2,318 shares in the last quarter. Finally, First National Trust Co. bought a new position in Cognizant Technology Solutions Corporation during the 2nd quarter valued at approximately $207,000. 87.64% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Venkat Krishnaswamy sold 8,151 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $70.93, for a total transaction of $578,150.43. Following the completion of the transaction, the insider now owns 9,429 shares of the company’s stock, valued at approximately $668,798.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Allen Shaheen sold 442 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $70.58, for a total transaction of $31,196.36. The disclosure for this sale can be found here. Insiders have sold a total of 282,267 shares of company stock valued at $20,127,629 in the last 90 days. Insiders own 1.08% of the company’s stock.

A number of research analysts recently weighed in on the company. BMO Capital Markets reaffirmed a “buy” rating and set a $76.00 price objective (up previously from $69.00) on shares of Cognizant Technology Solutions Corporation in a research report on Friday, August 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $78.00 price objective (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, August 9th. Zacks Investment Research lowered Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. Loop Capital raised Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and raised their price objective for the company from $63.00 to $83.00 in a research report on Friday, August 4th. Finally, Berenberg Bank raised Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and raised their price objective for the company from $65.00 to $85.00 in a research report on Tuesday, August 8th. Eight equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Cognizant Technology Solutions Corporation presently has an average rating of “Buy” and an average target price of $71.87.

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Shares of Cognizant Technology Solutions Corporation (CTSH) traded down 0.286% on Friday, hitting $71.535. The company’s stock had a trading volume of 1,231,901 shares. The stock has a 50-day moving average price of $70.52 and a 200 day moving average price of $65.07. Cognizant Technology Solutions Corporation has a one year low of $45.44 and a one year high of $73.00. The firm has a market cap of $42.25 billion, a price-to-earnings ratio of 22.950 and a beta of 1.14.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its quarterly earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.11. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. Cognizant Technology Solutions Corporation had a net margin of 13.36% and a return on equity of 18.72%. The business’s revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 EPS. Equities research analysts predict that Cognizant Technology Solutions Corporation will post $3.70 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Tuesday, August 22nd were issued a dividend of $0.15 per share. The ex-dividend date was Friday, August 18th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.84%. Cognizant Technology Solutions Corporation’s dividend payout ratio is currently 19.17%.

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.

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

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