Cognizant Technology Solutions Corp (CTSH) Shares Sold by 1ST Source Bank

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1ST Source Bank lowered its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 6.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,852 shares of the information technology service provider’s stock after selling 1,090 shares during the quarter. 1ST Source Bank’s holdings in Cognizant Technology Solutions were worth $1,223,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CTSH. Principal Financial Group Inc. raised its position in shares of Cognizant Technology Solutions by 1.7% during the 1st quarter. Principal Financial Group Inc. now owns 910,265 shares of the information technology service provider’s stock valued at $73,277,000 after buying an additional 15,087 shares in the last quarter. Private Trust Co. NA raised its position in shares of Cognizant Technology Solutions by 7.0% during the 2nd quarter. Private Trust Co. NA now owns 10,583 shares of the information technology service provider’s stock valued at $835,000 after buying an additional 693 shares in the last quarter. Tandem Investment Advisors Inc. raised its position in shares of Cognizant Technology Solutions by 15.6% during the 2nd quarter. Tandem Investment Advisors Inc. now owns 132,245 shares of the information technology service provider’s stock valued at $10,446,000 after buying an additional 17,848 shares in the last quarter. Bath Savings Trust Co raised its position in shares of Cognizant Technology Solutions by 7.7% during the 2nd quarter. Bath Savings Trust Co now owns 54,558 shares of the information technology service provider’s stock valued at $4,310,000 after buying an additional 3,920 shares in the last quarter. Finally, IFM Investors Pty Ltd raised its position in shares of Cognizant Technology Solutions by 44.4% during the 2nd quarter. IFM Investors Pty Ltd now owns 26,450 shares of the information technology service provider’s stock valued at $2,089,000 after buying an additional 8,131 shares in the last quarter. Institutional investors and hedge funds own 88.04% of the company’s stock.

Cognizant Technology Solutions stock opened at $69.03 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.27 and a current ratio of 3.24. Cognizant Technology Solutions Corp has a 1-year low of $65.14 and a 1-year high of $85.10. The stock has a market capitalization of $38.60 billion, a P/E ratio of 19.56, a PEG ratio of 1.22 and a beta of 0.90.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Tuesday, October 30th. The information technology service provider reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.06. Cognizant Technology Solutions had a net margin of 9.07% and a return on equity of 22.54%. The company had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the company posted $0.98 EPS. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. Sell-side analysts expect that Cognizant Technology Solutions Corp will post 4.18 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Tuesday, November 20th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend is Monday, November 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 22.66%.

CTSH has been the topic of several recent research reports. Zacks Investment Research cut shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research report on Monday, July 9th. BidaskClub upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Friday, July 13th. Wolfe Research initiated coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, July 17th. They set a “market perform” rating on the stock. BMO Capital Markets restated a “buy” rating and set a $85.00 target price on shares of Cognizant Technology Solutions in a research report on Thursday, August 2nd. Finally, Cowen restated a “buy” rating and set a $87.00 target price on shares of Cognizant Technology Solutions in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $84.53.

In related news, VP Malcolm Frank sold 859 shares of the stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $75.20, for a total value of $64,596.80. Following the sale, the vice president now directly owns 19,761 shares of the company’s stock, valued at approximately $1,486,027.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Rajeev Mehta sold 22,239 shares of the stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $75.86, for a total transaction of $1,687,050.54. Following the completion of the sale, the president now directly owns 352 shares in the company, valued at $26,702.72. The disclosure for this sale can be found here. Insiders sold a total of 48,288 shares of company stock worth $3,694,551 over the last three months. 0.60% of the stock is currently owned by corporate insiders.

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 business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.

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Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

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