Cognizant Technology Solutions Corporation $CTSH Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 7.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,080,588 shares of the information technology service provider’s stock after selling 751,145 shares during the quarter. Bank of New York Mellon Corp owned 1.86% of Cognizant Technology Solutions worth $609,035,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Hilltop National Bank acquired a new position in shares of Cognizant Technology Solutions in the second quarter worth about $27,000. NewSquare Capital LLC raised its holdings in Cognizant Technology Solutions by 71.8% in the 2nd quarter. NewSquare Capital LLC now owns 366 shares of the information technology service provider’s stock worth $29,000 after purchasing an additional 153 shares during the period. Geneos Wealth Management Inc. boosted its position in Cognizant Technology Solutions by 118.8% during the first quarter. Geneos Wealth Management Inc. now owns 569 shares of the information technology service provider’s stock worth $44,000 after purchasing an additional 309 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. grew its holdings in Cognizant Technology Solutions by 267.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 603 shares of the information technology service provider’s stock valued at $40,000 after purchasing an additional 439 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in shares of Cognizant Technology Solutions in the third quarter valued at approximately $41,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CTSH shares. Royal Bank Of Canada dropped their price target on shares of Cognizant Technology Solutions from $93.00 to $82.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Cognizant Technology Solutions in a research report on Monday, December 29th. Citigroup reiterated a “neutral” rating and set a $86.00 price objective (up from $75.00) on shares of Cognizant Technology Solutions in a research note on Thursday, January 22nd. JPMorgan Chase & Co. increased their target price on Cognizant Technology Solutions from $89.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $82.00 price target (up from $78.00) on shares of Cognizant Technology Solutions in a research note on Monday, December 8th. Nine research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $90.17.

Insiders Place Their Bets

In other news, Director Michael Patsalos-Fox sold 2,000 shares of Cognizant Technology Solutions stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $84.23, for a total transaction of $168,460.00. Following the transaction, the director owned 29,729 shares in the company, valued at $2,504,073.67. The trade was a 6.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO John Sunshin Kim sold 2,500 shares of the firm’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the sale, the chief accounting officer owned 36,149 shares of the company’s stock, valued at approximately $2,891,920. The trade was a 6.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 27,706 shares of company stock valued at $2,317,281 in the last three months. 0.32% of the stock is currently owned by insiders.

Cognizant Technology Solutions Trading Down 1.6%

CTSH opened at $83.30 on Thursday. The firm has a market capitalization of $40.20 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 1.62 and a beta of 0.96. The company’s 50 day simple moving average is $82.47 and its two-hundred day simple moving average is $74.83. Cognizant Technology Solutions Corporation has a 1-year low of $65.15 and a 1-year high of $90.82. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.36 and a quick ratio of 2.36.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, October 29th. The information technology service provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.30 by $0.09. The firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Cognizant Technology Solutions had a return on equity of 17.00% and a net margin of 10.20%.The business’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 earnings per share. Analysts expect that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Company Profile

Cognizant Technology Solutions (NASDAQ: CTSH) is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.

Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.