Fifth Third Bancorp trimmed its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,985 shares of the information technology service provider’s stock after selling 425 shares during the period. Fifth Third Bancorp’s holdings in Cognizant Technology Solutions were worth $1,229,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Assenagon Asset Management S.A. increased its stake in Cognizant Technology Solutions by 276.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock valued at $122,603,000 after buying an additional 1,167,033 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Cognizant Technology Solutions by 146.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,644,723 shares of the information technology service provider’s stock valued at $126,940,000 after acquiring an additional 978,579 shares during the period. ING Groep NV raised its holdings in Cognizant Technology Solutions by 61.5% during the third quarter. ING Groep NV now owns 2,478,364 shares of the information technology service provider’s stock worth $191,280,000 after purchasing an additional 943,372 shares in the last quarter. State Street Corp lifted its position in Cognizant Technology Solutions by 3.6% in the third quarter. State Street Corp now owns 24,985,816 shares of the information technology service provider’s stock worth $1,928,405,000 after purchasing an additional 867,176 shares during the period. Finally, Mizuho Markets Americas LLC bought a new position in Cognizant Technology Solutions during the 3rd quarter valued at $61,744,000. 92.44% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on CTSH shares. Deutsche Bank Aktiengesellschaft boosted their price objective on Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Robert W. Baird upped their price target on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. StockNews.com cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Barclays raised shares of Cognizant Technology Solutions from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $80.00 to $95.00 in a research note on Tuesday, December 17th. Finally, Mizuho lifted their price target on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Fifteen analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $81.19.
Insider Transactions at Cognizant Technology Solutions
In related news, CAO John Sunshin Kim sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total value of $400,550.00. Following the completion of the sale, the chief accounting officer now directly owns 39,022 shares in the company, valued at approximately $3,126,052.42. The trade was a 11.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.26% of the stock is currently owned by company insiders.
Cognizant Technology Solutions Price Performance
NASDAQ CTSH opened at $80.96 on Wednesday. The firm has a market capitalization of $40.14 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 2.06 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23. The company has a 50 day simple moving average of $78.85 and a 200-day simple moving average of $77.05. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $82.46.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last issued its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.10. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.16 EPS. Equities research analysts predict that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.
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.
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