Voloridge Investment Management LLC reduced its position in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 66.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,856 shares of the information technology service provider’s stock after selling 372,939 shares during the period. Voloridge Investment Management LLC’s holdings in Cognizant Technology Solutions were worth $12,052,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CTSH. Acima Private Wealth LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth approximately $29,000. Sontag Advisory LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth approximately $30,000. Citizens Financial Group Inc RI boosted its position in shares of Cognizant Technology Solutions by 176.5% during the fourth quarter. Citizens Financial Group Inc RI now owns 611 shares of the information technology service provider’s stock worth $39,000 after buying an additional 390 shares during the period. Kistler Tiffany Companies LLC boosted its position in shares of Cognizant Technology Solutions by 133.5% during the fourth quarter. Kistler Tiffany Companies LLC now owns 642 shares of the information technology service provider’s stock worth $41,000 after buying an additional 367 shares during the period. Finally, Capital Investment Advisory Services LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth approximately $43,000. 87.53% of the stock is owned by hedge funds and other institutional investors.
In other Cognizant Technology Solutions news, insider Gajakarnan Vibushanan Kandiah sold 500 shares of Cognizant Technology Solutions stock in a transaction that occurred on Friday, January 18th. The shares were sold at an average price of $68.03, for a total transaction of $34,015.00. Following the transaction, the insider now directly owns 15,339 shares in the company, valued at approximately $1,043,512.17. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Venkat Krishnaswamy sold 3,014 shares of Cognizant Technology Solutions stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $71.75, for a total transaction of $216,254.50. Following the transaction, the insider now owns 8,770 shares in the company, valued at $629,247.50. The disclosure for this sale can be found here. Insiders sold 56,682 shares of company stock worth $3,970,957 in the last ninety days. 0.60% of the stock is owned by corporate insiders.
NASDAQ:CTSH traded up $0.31 during midday trading on Thursday, hitting $72.02. 61,777 shares of the stock were exchanged, compared to its average volume of 3,661,295. The stock has a market cap of $41.24 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 1.60 and a beta of 0.97. Cognizant Technology Solutions Corp has a one year low of $59.47 and a one year high of $84.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.12 and a quick ratio of 3.12.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, February 6th. The information technology service provider reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The company had revenue of $4.13 billion for the quarter, compared to analysts’ expectations of $4.11 billion. Cognizant Technology Solutions had a return on equity of 22.15% and a net margin of 13.03%. The firm’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 earnings per share. On average, sell-side analysts expect that Cognizant Technology Solutions Corp will post 4.46 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, February 28th. Shareholders of record on Thursday, February 21st were issued a $0.20 dividend. The ex-dividend date was Wednesday, February 20th. This represents a $0.80 annualized dividend and a dividend yield of 1.11%. Cognizant Technology Solutions’s dividend payout ratio is currently 19.90%.
Several equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. BidaskClub downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Saturday, February 23rd. Daiwa Capital Markets assumed coverage on Cognizant Technology Solutions in a research report on Wednesday, February 13th. They set a “buy” rating and a $90.00 price objective for the company. KeyCorp boosted their price objective on Cognizant Technology Solutions from $79.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, February 7th. Finally, BMO Capital Markets upgraded Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating in a research report on Wednesday, February 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $81.19.
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.
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