Ritholtz Wealth Management Lowers Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Ritholtz Wealth Management cut its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 4.2% in the third quarter, HoldingsChannel.com reports. The firm owned 8,521 shares of the information technology service provider’s stock after selling 369 shares during the quarter. Ritholtz Wealth Management’s holdings in Cognizant Technology Solutions were worth $658,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CTSH. Vanguard Group Inc. lifted its holdings in Cognizant Technology Solutions by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock worth $4,254,178,000 after purchasing an additional 6,933,908 shares in the last quarter. Pzena Investment Management LLC boosted its position in shares of Cognizant Technology Solutions by 11.7% during the second quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after acquiring an additional 1,943,127 shares during the last quarter. Boston Partners grew its stake in Cognizant Technology Solutions by 1.3% during the first quarter. Boston Partners now owns 7,781,273 shares of the information technology service provider’s stock valued at $569,175,000 after acquiring an additional 101,078 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Cognizant Technology Solutions by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,565,974 shares of the information technology service provider’s stock valued at $378,483,000 after acquiring an additional 94,209 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Cognizant Technology Solutions by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 5,340,480 shares of the information technology service provider’s stock worth $363,153,000 after purchasing an additional 142,225 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 0.8 %

NASDAQ:CTSH opened at $77.38 on Wednesday. The stock has a fifty day simple moving average of $76.15 and a 200-day simple moving average of $71.54. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.04. The company has a market cap of $38.47 billion, a price-to-earnings ratio of 18.60, a price-to-earnings-growth ratio of 2.16 and a beta of 1.05. Cognizant Technology Solutions Co. has a twelve month low of $62.14 and a twelve month high of $80.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.05. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company earned $1.10 EPS. Analysts anticipate that Cognizant Technology Solutions Co. will post 4.62 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.20 annualized dividend and a yield of 1.55%. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total transaction of $495,584.48. Following the transaction, the chief executive officer now owns 46,427 shares of the company’s stock, valued at approximately $3,419,812.82. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.26% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CTSH shares. JPMorgan Chase & Co. raised their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a research report on Friday, September 6th. Jefferies Financial Group began coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They set a “buy” rating and a $90.00 price objective on the stock. Daiwa America raised shares of Cognizant Technology Solutions to a “hold” rating in a report on Tuesday, August 27th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $76.00 price target on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Finally, Royal Bank of Canada lifted their price objective on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and a consensus price target of $77.44.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.