OppenheimerFunds Inc. Has $2.04 Million Position in Cognizant Technology Solutions Corp (CTSH)

OppenheimerFunds Inc. increased its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 55.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 25,863 shares of the information technology service provider’s stock after purchasing an additional 9,208 shares during the quarter. OppenheimerFunds Inc.’s holdings in Cognizant Technology Solutions were worth $2,043,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CTSH. Rainier Group Investment Advisory LLC bought a new position in shares of Cognizant Technology Solutions during the first quarter valued at about $100,000. Kaizen Advisory LLC boosted its position in Cognizant Technology Solutions by 149.4% during the 2nd quarter. Kaizen Advisory LLC now owns 1,429 shares of the information technology service provider’s stock valued at $113,000 after acquiring an additional 856 shares in the last quarter. San Francisco Sentry Investment Group CA boosted its position in Cognizant Technology Solutions by 170.0% during the 2nd quarter. San Francisco Sentry Investment Group CA now owns 1,909 shares of the information technology service provider’s stock valued at $151,000 after acquiring an additional 1,202 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Cognizant Technology Solutions by 65.5% during the second quarter. Parallel Advisors LLC now owns 2,226 shares of the information technology service provider’s stock valued at $175,000 after purchasing an additional 881 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in shares of Cognizant Technology Solutions by 6,790.7% during the first quarter. Summit Trail Advisors LLC now owns 186,737 shares of the information technology service provider’s stock valued at $187,000 after purchasing an additional 184,027 shares during the last quarter. Institutional investors own 87.87% of the company’s stock.

In other news, EVP Allen Shaheen sold 352 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $74.89, for a total transaction of $26,361.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Middleton sold 439 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, September 18th. The stock was sold at an average price of $76.28, for a total transaction of $33,486.92. Following the completion of the transaction, the insider now directly owns 5,135 shares of the company’s stock, valued at approximately $391,697.80. The disclosure for this sale can be found here. Insiders sold 55,238 shares of company stock worth $4,264,970 in the last 90 days. 0.60% of the stock is currently owned by insiders.

A number of equities analysts recently weighed in on the stock. KeyCorp decreased their price objective on shares of Cognizant Technology Solutions from $91.00 to $89.00 and set an “overweight” rating for the company in a report on Friday, August 3rd. Wolfe Research began coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, July 17th. They set a “market perform” rating for the company. BidaskClub downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Tuesday, June 26th. HSBC raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Tuesday, September 18th. Finally, Zacks Investment Research cut shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Monday, July 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. Cognizant Technology Solutions has a consensus rating of “Buy” and a consensus price target of $85.18.

Shares of CTSH opened at $77.61 on Monday. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $45.03 billion, a PE ratio of 19.50, a P/E/G ratio of 1.43 and a beta of 0.94. Cognizant Technology Solutions Corp has a 52-week low of $69.69 and a 52-week high of $85.10.

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

The firm also recently declared a quarterly dividend, which was paid on Friday, August 31st. Investors of record on Wednesday, August 22nd were issued a $0.20 dividend. The ex-dividend date was Tuesday, August 21st. This represents a $0.80 annualized dividend and a yield of 1.03%. Cognizant Technology Solutions’s payout ratio is 22.66%.

Cognizant Technology Solutions 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.

Further Reading: Hedge Funds – How They Work For Investors

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

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