Retirement Systems of Alabama increased its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 0.1% during the first quarter, Holdings Channel reports. The institutional investor owned 267,791 shares of the information technology service provider’s stock after buying an additional 211 shares during the quarter. Retirement Systems of Alabama’s holdings in Cognizant Technology Solutions were worth $19,401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. Acima Private Wealth LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter valued at $29,000. Sontag Advisory LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter valued at $30,000. Somerset Trust Co boosted its holdings in Cognizant Technology Solutions by 152.0% in the first quarter. Somerset Trust Co now owns 494 shares of the information technology service provider’s stock valued at $36,000 after purchasing an additional 298 shares during the last quarter. Citizens Financial Group Inc RI boosted its holdings in Cognizant Technology Solutions by 176.5% in the fourth quarter. Citizens Financial Group Inc RI now owns 611 shares of the information technology service provider’s stock valued at $39,000 after purchasing an additional 390 shares during the last quarter. Finally, Kistler Tiffany Companies LLC boosted its holdings in Cognizant Technology Solutions by 133.5% in the fourth quarter. Kistler Tiffany Companies LLC now owns 642 shares of the information technology service provider’s stock valued at $41,000 after purchasing an additional 367 shares during the last quarter. 88.68% of the stock is currently owned by hedge funds and other institutional investors.
In other Cognizant Technology Solutions news, COO Srinivasan Veeraraghavachary sold 2,000 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $74.00, for a total value of $148,000.00. Following the completion of the sale, the chief operating officer now owns 38,992 shares in the company, valued at approximately $2,885,408. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Rajeev Mehta sold 20,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $71.50, for a total transaction of $1,430,000.00. Following the completion of the sale, the president now owns 39,457 shares of the company’s stock, valued at approximately $2,821,175.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,830 shares of company stock valued at $3,588,232. 0.60% of the stock is owned by insiders.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, February 6th. The information technology service provider reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.07. The company had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.11 billion. Cognizant Technology Solutions had a net margin of 13.03% and a return on equity of 22.15%. Cognizant Technology Solutions’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 EPS. On average, sell-side analysts expect that Cognizant Technology Solutions Corp will post 4.44 earnings per share for the current year.
Several equities research analysts have commented on the stock. Zacks Investment Research lowered shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. BidaskClub lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Saturday, February 23rd. BMO Capital Markets upped their price target on shares of Cognizant Technology Solutions to $80.00 and gave the company a “market perform” rating in a report on Monday, February 4th. Daiwa Capital Markets started coverage on shares of Cognizant Technology Solutions in a report on Wednesday, February 13th. They issued a “buy” rating and a $90.00 price target on the stock. Finally, Sanford C. Bernstein upgraded shares of Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research report on Friday, January 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $80.29.
TRADEMARK VIOLATION NOTICE: “Cognizant Technology Solutions Corp (CTSH) Shares Bought by Retirement Systems of Alabama” was originally posted by Markets Daily and is owned by of Markets Daily. If you are viewing this article on another publication, it was illegally stolen and republished in violation of United States and international copyright and trademark legislation. The correct version of this article can be read at https://www.themarketsdaily.com/2019/04/17/cognizant-technology-solutions-corp-ctsh-shares-bought-by-retirement-systems-of-alabama.html.
About Cognizant Technology Solutions
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.
Featured Story: Return on Investment (ROI)
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).
Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.