OLD National Bancorp IN Sells 3,874 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

OLD National Bancorp IN decreased its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 43.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,088 shares of the information technology service provider’s stock after selling 3,874 shares during the period. OLD National Bancorp IN’s holdings in Cognizant Technology Solutions were worth $393,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. 1620 Investment Advisors Inc. bought a new position in Cognizant Technology Solutions in the second quarter valued at approximately $25,000. LRI Investments LLC acquired a new stake in shares of Cognizant Technology Solutions in the 1st quarter valued at approximately $28,000. Pinnacle Bancorp Inc. grew its stake in shares of Cognizant Technology Solutions by 47.4% in the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock valued at $35,000 after buying an additional 146 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in Cognizant Technology Solutions by 42.1% during the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock worth $36,000 after buying an additional 158 shares during the last quarter. Finally, Unique Wealth Strategies LLC bought a new stake in Cognizant Technology Solutions during the second quarter worth $40,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Insider Transactions at Cognizant Technology Solutions

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of Cognizant Technology Solutions 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 transaction, the chief executive officer now directly owns 46,427 shares of the company’s stock, valued at $3,419,812.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.26% of the stock is currently owned by insiders.

Cognizant Technology Solutions Stock Down 1.4 %

Shares of CTSH opened at $75.82 on Wednesday. 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 stock has a market capitalization of $37.70 billion, a PE ratio of 18.23, a P/E/G ratio of 2.16 and a beta of 1.05. The firm’s 50 day moving average is $76.49 and its 200-day moving average is $71.74. Cognizant Technology Solutions Co. has a 12 month low of $62.14 and a 12 month high of $80.27.

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

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Tuesday, August 20th. Cognizant Technology Solutions’s payout ratio is presently 28.85%.

Wall Street Analysts Forecast Growth

CTSH has been the topic of several recent analyst reports. Royal Bank of Canada boosted 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. Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $73.00 to $75.00 in a research note on Wednesday, August 7th. Daiwa America upgraded Cognizant Technology Solutions to a “hold” rating in a research note on Tuesday, August 27th. 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 target price on the stock. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $77.58.

Cognizant Technology Solutions Company 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.