Cornerstone Advisors Inc. Sells 691 Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH)

Cornerstone Advisors Inc. decreased its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 42.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 947 shares of the information technology service provider’s stock after selling 691 shares during the period. Cornerstone Advisors Inc.’s holdings in Cognizant Technology Solutions were worth $54,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CTSH. Private Trust Co. NA boosted its position in Cognizant Technology Solutions by 1.7% during the first quarter. Private Trust Co. NA now owns 13,663 shares of the information technology service provider’s stock worth $634,000 after acquiring an additional 230 shares during the last quarter. First Mercantile Trust Co. boosted its position in Cognizant Technology Solutions by 11.8% during the first quarter. First Mercantile Trust Co. now owns 2,290 shares of the information technology service provider’s stock worth $106,000 after acquiring an additional 242 shares during the last quarter. Altfest L J & Co. Inc. boosted its position in Cognizant Technology Solutions by 5.3% during the second quarter. Altfest L J & Co. Inc. now owns 5,070 shares of the information technology service provider’s stock worth $288,000 after acquiring an additional 254 shares during the last quarter. Cim Investment Mangement Inc. boosted its position in Cognizant Technology Solutions by 3.4% during the first quarter. Cim Investment Mangement Inc. now owns 8,007 shares of the information technology service provider’s stock worth $372,000 after acquiring an additional 261 shares during the last quarter. Finally, Wealth Advisors of Tampa Bay LLC boosted its position in Cognizant Technology Solutions by 2.6% during the first quarter. Wealth Advisors of Tampa Bay LLC now owns 10,662 shares of the information technology service provider’s stock worth $495,000 after acquiring an additional 268 shares during the last quarter. Institutional investors own 90.22% of the company’s stock.

Cognizant Technology Solutions stock opened at $68.32 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.90 and a current ratio of 2.66. The company has a market capitalization of $37.40 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 1.78 and a beta of 1.15. The company’s 50 day simple moving average is $57.51 and its 200-day simple moving average is $56.95. Cognizant Technology Solutions Corp has a 1 year low of $40.01 and a 1 year high of $71.48.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, July 29th. The information technology service provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.14. The firm had revenue of $4 billion during the quarter, compared to analysts’ expectations of $3.84 billion. Cognizant Technology Solutions had a net margin of 9.67% and a return on equity of 19.87%. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. Equities analysts expect that Cognizant Technology Solutions Corp will post 3.54 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 21st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Thursday, August 20th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 22.06%.

In related news, General Counsel Matthew W. Friedrich sold 3,153 shares of Cognizant Technology Solutions stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $54.83, for a total value of $172,878.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Malcolm Frank sold 1,492 shares of Cognizant Technology Solutions stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $54.83, for a total transaction of $81,806.36. Following the completion of the transaction, the insider now owns 32,924 shares of the company’s stock, valued at approximately $1,805,222.92. The disclosure for this sale can be found here. Insiders sold 5,794 shares of company stock valued at $318,107 in the last 90 days. Company insiders own 0.31% of the company’s stock.

A number of equities analysts have commented on CTSH shares. BidaskClub raised shares of Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a research note on Tuesday. Robert W. Baird lifted their target price on shares of Cognizant Technology Solutions from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday. Needham & Company LLC raised shares of Cognizant Technology Solutions from an “underperform” rating to a “hold” rating in a research note on Thursday. Royal Bank of Canada lifted their target price on shares of Cognizant Technology Solutions from $68.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Morgan Stanley lifted their target price on shares of Cognizant Technology Solutions from $51.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $66.67.

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

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