Rockland Trust Co. grew its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 7.0% in the third quarter, Holdings Channel reports. The institutional investor owned 158,877 shares of the information technology service provider’s stock after purchasing an additional 10,426 shares during the period. Rockland Trust Co.’s holdings in Cognizant Technology Solutions were worth $9,562,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in CTSH. Generation Investment Management LLP acquired a new position in shares of Cognizant Technology Solutions during the second quarter valued at about $662,915,000. Price T Rowe Associates Inc. MD increased its stake in Cognizant Technology Solutions by 354.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 10,652,397 shares of the information technology service provider’s stock valued at $675,256,000 after acquiring an additional 8,307,253 shares during the period. FMR LLC increased its stake in Cognizant Technology Solutions by 21.9% in the first quarter. FMR LLC now owns 15,767,608 shares of the information technology service provider’s stock valued at $1,142,362,000 after acquiring an additional 2,827,833 shares during the period. Nuveen Asset Management LLC increased its stake in Cognizant Technology Solutions by 15,091.4% in the second quarter. Nuveen Asset Management LLC now owns 2,298,909 shares of the information technology service provider’s stock valued at $145,727,000 after acquiring an additional 2,283,776 shares during the period. Finally, Eaton Vance Management increased its stake in Cognizant Technology Solutions by 481.4% in the second quarter. Eaton Vance Management now owns 2,136,682 shares of the information technology service provider’s stock valued at $135,444,000 after acquiring an additional 1,769,176 shares during the period. 91.45% of the stock is owned by institutional investors and hedge funds.
In other news, CFO Karen Mcloughlin sold 1,000 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $64.27, for a total transaction of $64,270.00. Following the sale, the chief financial officer now directly owns 67,566 shares of the company’s stock, valued at $4,342,466.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Matthew W. Friedrich sold 452 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $64.29, for a total transaction of $29,059.08. The disclosure for this sale can be found here. Insiders have sold 18,823 shares of company stock worth $1,169,337 over the last ninety days. Insiders own 0.56% of the company’s stock.
Cognizant Technology Solutions stock traded up $1.47 during trading hours on Friday, hitting $61.27. 467,263 shares of the stock were exchanged, compared to its average volume of 3,435,381. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.55 and a current ratio of 2.55. The stock has a market capitalization of $32.53 billion, a P/E ratio of 15.24, a P/E/G ratio of 1.35 and a beta of 1.07. Cognizant Technology Solutions Corp has a 12 month low of $56.73 and a 12 month high of $74.85. The business’s 50-day moving average is $61.52 and its two-hundred day moving average is $64.45.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.01. The firm had revenue of $4.14 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Cognizant Technology Solutions had a net margin of 12.61% and a return on equity of 20.52%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.05 earnings per share. On average, equities analysts predict that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current fiscal year.
A number of research firms recently weighed in on CTSH. TheStreet raised shares of Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a research note on Tuesday, July 23rd. BidaskClub cut shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Friday. Credit Suisse Group lowered their target price on shares of Cognizant Technology Solutions from $83.00 to $81.00 and set an “outperform” rating on the stock in a research note on Monday, September 23rd. Robert W. Baird set a $76.00 target price on shares of Cognizant Technology Solutions and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, UBS Group cut shares of Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and lowered their target price for the company from $62.00 to $60.00 in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $73.32.
Cognizant Technology Solutions Company 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 analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.
Featured Article: How to Trade Using Analysts Ratings
Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Corp (NASDAQ:CTSH).
Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.