Alberta Investment Management Corp increased its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 14.4% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 308,832 shares of the information technology service provider’s stock after buying an additional 38,900 shares during the quarter. Alberta Investment Management Corp owned about 0.06% of Cognizant Technology Solutions worth $19,577,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Field & Main Bank grew its position in Cognizant Technology Solutions by 350.0% in the 2nd quarter. Field & Main Bank now owns 450 shares of the information technology service provider’s stock valued at $29,000 after acquiring an additional 350 shares during the last quarter. Resources Investment Advisors Inc. lifted its stake in shares of Cognizant Technology Solutions by 125.6% during the 1st quarter. Resources Investment Advisors Inc. now owns 503 shares of the information technology service provider’s stock worth $36,000 after purchasing an additional 280 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in shares of Cognizant Technology Solutions during the 1st quarter worth $37,000. Berman Capital Advisors LLC raised its stake in Cognizant Technology Solutions by 137.7% in the second quarter. Berman Capital Advisors LLC now owns 637 shares of the information technology service provider’s stock valued at $40,000 after buying an additional 369 shares during the last quarter. Finally, YorkBridge Wealth Partners LLC raised its stake in Cognizant Technology Solutions by 51.3% in the first quarter. YorkBridge Wealth Partners LLC now owns 584 shares of the information technology service provider’s stock valued at $42,000 after buying an additional 198 shares during the last quarter. Institutional investors and hedge funds own 91.45% of the company’s stock.
In related news, CFO Karen Mcloughlin sold 1,523 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $64.92, for a total value of $98,873.16. Following the transaction, the chief financial officer now directly owns 66,043 shares in the company, valued at $4,287,511.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Malcolm Frank sold 678 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $62.22, for a total transaction of $42,185.16. Following the sale, the insider now directly owns 32,402 shares of the company’s stock, valued at approximately $2,016,052.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,823 shares of company stock valued at $1,169,337. Company insiders own 0.56% of the company’s stock.
NASDAQ:CTSH traded up $0.81 during mid-day trading on Friday, hitting $60.61. The company had a trading volume of 2,238,187 shares, compared to its average volume of 3,373,939. The business has a fifty day simple moving average of $61.51 and a 200-day simple moving average of $64.40. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $32.83 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 1.36 and a beta of 1.07. Cognizant Technology Solutions Corp has a 1 year low of $56.73 and a 1 year high of $74.85.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.01. Cognizant Technology Solutions had a return on equity of 20.52% and a net margin of 12.61%. The business had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same period last year, the firm earned $1.05 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, research analysts anticipate that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current year.
CTSH has been the subject of several research analyst reports. UBS Group cut Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $62.00 to $60.00 in a research note on Friday, August 2nd. Zacks Investment Research downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating and set a $66.00 price objective on the stock. in a research report on Thursday, September 5th. ValuEngine upgraded Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. HSBC cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating and dropped their price objective for the company from $72.00 to $70.00 in a research note on Tuesday, July 23rd. Finally, BidaskClub cut Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Friday. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $73.32.
Cognizant Technology Solutions 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.
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