Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Swedbank AB

Swedbank AB lessened its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 8.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 257,809 shares of the information technology service provider’s stock after selling 22,921 shares during the period. Swedbank AB owned approximately 0.05% of Cognizant Technology Solutions worth $19,898,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Blair William & Co. IL lifted its stake in shares of Cognizant Technology Solutions by 2.5% in the 1st quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock worth $1,231,000 after acquiring an additional 412 shares during the period. Duality Advisers LP acquired a new stake in shares of Cognizant Technology Solutions in the first quarter valued at about $1,687,000. Norden Group LLC acquired a new stake in shares of Cognizant Technology Solutions in the first quarter valued at about $233,000. Van ECK Associates Corp lifted its stake in shares of Cognizant Technology Solutions by 15.4% in the first quarter. Van ECK Associates Corp now owns 147,345 shares of the information technology service provider’s stock valued at $10,799,000 after purchasing an additional 19,690 shares during the period. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of Cognizant Technology Solutions by 8.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 650,385 shares of the information technology service provider’s stock valued at $47,667,000 after purchasing an additional 53,061 shares during the period. Institutional investors and hedge funds own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CTSH. Jefferies Financial Group began coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price objective for the company. Daiwa America upgraded shares of Cognizant Technology Solutions to a “hold” rating in a research note on Tuesday, August 27th. Barclays raised their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Robert W. Baird raised their target price on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of “Hold” and a consensus target price of $77.44.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ CTSH opened at $77.60 on Thursday. Cognizant Technology Solutions Co. has a 12 month low of $62.14 and a 12 month high of $80.27. The company has a 50-day simple moving average of $76.24 and a 200-day simple moving average of $71.59. The company has a market cap of $38.58 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 2.16 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46.

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

Cognizant Technology Solutions Dividend Announcement

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

Insider Activity at Cognizant Technology Solutions

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now directly owns 46,427 shares in the company, valued at approximately $3,419,812.82. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is owned by insiders.

About Cognizant Technology Solutions

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.