Bank of Montreal Can increased its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 53.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 428,742 shares of the information technology service provider’s stock after purchasing an additional 149,094 shares during the period. Bank of Montreal Can owned approximately 0.07% of Cognizant Technology Solutions worth $30,449,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Bank of Nova Scotia Trust Co. bought a new stake in Cognizant Technology Solutions in the third quarter worth $121,000. WFG Advisors LP boosted its holdings in Cognizant Technology Solutions by 46.4% during the second quarter. WFG Advisors LP now owns 1,958 shares of the information technology service provider’s stock valued at $130,000 after acquiring an additional 621 shares during the period. Krilogy Financial LLC bought a new stake in Cognizant Technology Solutions during the second quarter valued at about $137,000. BB&T Investment Services Inc. boosted its holdings in Cognizant Technology Solutions by 86.8% during the third quarter. BB&T Investment Services Inc. now owns 2,176 shares of the information technology service provider’s stock valued at $141,000 after acquiring an additional 1,011 shares during the period. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in Cognizant Technology Solutions during the third quarter valued at about $167,000. Hedge funds and other institutional investors own 86.11% of the company’s stock.
In other news, insider Sean Middleton sold 1,278 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $71.36, for a total transaction of $91,198.08. Following the completion of the sale, the insider now owns 3,366 shares of the company’s stock, valued at $240,197.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Francisco Dsouza sold 482,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $72.04, for a total transaction of $34,723,280.00. Following the sale, the chief executive officer now directly owns 621,643 shares of the company’s stock, valued at approximately $44,783,161.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 914,911 shares of company stock valued at $66,861,834. Company insiders own 1.08% of the company’s stock.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, November 1st. The information technology service provider reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.13. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.77 billion. Cognizant Technology Solutions had a net margin of 13.42% and a return on equity of 18.94%. The company’s revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the business posted $0.86 earnings per share. equities research analysts forecast that Cognizant Technology Solutions Corp will post 3.35 EPS for the current year.
A number of equities research analysts have issued reports on the stock. BidaskClub upgraded shares of Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a report on Friday. Zacks Investment Research upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a report on Wednesday, January 10th. Oppenheimer restated a “buy” rating and set a $80.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, November 1st. Morgan Stanley upped their price target on shares of Cognizant Technology Solutions from $74.00 to $77.00 and gave the company an “equal weight” rating in a report on Thursday, November 2nd. Finally, Citigroup upgraded shares of Cognizant Technology Solutions from a “neutral” rating to a “buy” rating and upped their price target for the company from $75.84 to $79.00 in a report on Thursday, January 18th. Five analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the stock. Cognizant Technology Solutions has a consensus rating of “Buy” and an average target price of $81.98.
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Cognizant Technology Solutions Profile
Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.
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