Ascension Asset Management LLC Sells 1,600 Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH)

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Ascension Asset Management LLC lessened its position in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 7.2% during the third quarter, HoldingsChannel.com reports. The fund owned 20,685 shares of the information technology service provider’s stock after selling 1,600 shares during the period. Ascension Asset Management LLC’s holdings in Cognizant Technology Solutions were worth $1,247,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. North Star Investment Management Corp. bought a new stake in Cognizant Technology Solutions during the 3rd quarter worth approximately $25,000. Field & Main Bank increased its holdings in Cognizant Technology Solutions by 350.0% during the 2nd quarter. Field & Main Bank now owns 450 shares of the information technology service provider’s stock worth $29,000 after acquiring an additional 350 shares during the period. Berman Capital Advisors LLC increased its holdings in Cognizant Technology Solutions by 137.7% during the 2nd quarter. Berman Capital Advisors LLC now owns 637 shares of the information technology service provider’s stock worth $40,000 after acquiring an additional 369 shares during the period. Citizens Financial Group Inc RI grew its stake in Cognizant Technology Solutions by 35.3% in the 2nd quarter. Citizens Financial Group Inc RI now owns 716 shares of the information technology service provider’s stock worth $46,000 after buying an additional 187 shares in the last quarter. Finally, YorkBridge Wealth Partners LLC grew its stake in Cognizant Technology Solutions by 52.7% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 892 shares of the information technology service provider’s stock worth $57,000 after buying an additional 308 shares in the last quarter. 91.61% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have commented on CTSH. Credit Suisse Group cut their price target on shares of Cognizant Technology Solutions from $83.00 to $81.00 and set an “outperform” rating for the company in a research note on Monday, September 23rd. UBS Group cut shares of Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and cut their price target for the stock from $62.00 to $60.00 in a research note on Friday, August 2nd. HSBC cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating and cut their price target for the stock from $72.00 to $70.00 in a research note on Tuesday, July 23rd. Citigroup cut their price target on shares of Cognizant Technology Solutions from $76.00 to $69.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Finally, Zacks Investment Research cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating and set a $66.00 price target for the company. in a research note on Thursday, September 5th. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the stock. Cognizant Technology Solutions has an average rating of “Hold” and an average target price of $72.50.

Shares of Cognizant Technology Solutions stock opened at $59.90 on Wednesday. Cognizant Technology Solutions Corp has a 52-week low of $56.73 and a 52-week high of $74.85. The stock has a market capitalization of $33.57 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 1.40 and a beta of 1.07. The company has a fifty day moving average of $61.55 and a 200-day moving average of $63.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.55 and a current ratio of 2.55.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. Cognizant Technology Solutions had a net margin of 12.61% and a return on equity of 20.52%. The company had revenue of $4.14 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the prior year, the company earned $1.05 EPS. The firm’s revenue was up 3.4% on a year-over-year basis. On average, equities research analysts forecast that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current fiscal year.

In other Cognizant Technology Solutions news, insider Malcolm Frank sold 678 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $62.22, for a total transaction of $42,185.16. Following the completion of the sale, the insider now owns 32,402 shares of the company’s stock, valued at approximately $2,016,052.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Matthew W. Friedrich sold 452 shares of the stock in a transaction 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 sold a total of 18,823 shares of company stock valued at $1,169,337 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

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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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).

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

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