Cognizant Technology Solutions Corp (CTSH) Position Reduced by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI decreased its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 17.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 93,360 shares of the information technology service provider’s stock after selling 19,682 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Cognizant Technology Solutions were worth $7,375,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CTSH. Redwood Investments LLC bought a new position in Cognizant Technology Solutions during the second quarter valued at $917,000. Madison Investment Holdings Inc. bought a new position in Cognizant Technology Solutions during the second quarter valued at $50,081,000. OMERS ADMINISTRATION Corp bought a new position in Cognizant Technology Solutions during the first quarter valued at $6,665,000. Natixis bought a new position in Cognizant Technology Solutions during the second quarter valued at $8,902,000. Finally, Millennium Management LLC lifted its position in Cognizant Technology Solutions by 8.3% during the first quarter. Millennium Management LLC now owns 1,638,312 shares of the information technology service provider’s stock valued at $131,884,000 after purchasing an additional 126,235 shares during the last quarter. Hedge funds and other institutional investors own 87.92% of the company’s stock.

CTSH stock opened at $74.11 on Tuesday. The stock has a market capitalization of $44.76 billion, a P/E ratio of 21.02, a P/E/G ratio of 1.42 and a beta of 0.90. Cognizant Technology Solutions Corp has a 12 month low of $69.69 and a 12 month high of $85.10. The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.06.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Thursday, August 2nd. The information technology service provider reported $1.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.09. The company had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $4.03 billion. Cognizant Technology Solutions had a net margin of 9.37% and a return on equity of 21.66%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 EPS. On average, equities research analysts expect that Cognizant Technology Solutions Corp will post 4.18 EPS for the current fiscal year.

In other Cognizant Technology Solutions news, SVP Robert Telesmanic sold 834 shares of the stock in a transaction dated Tuesday, October 2nd. The shares were sold at an average price of $77.15, for a total transaction of $64,343.10. Following the transaction, the senior vice president now directly owns 18,823 shares in the company, valued at approximately $1,452,194.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Allen Shaheen sold 352 shares of the stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $74.89, for a total transaction of $26,361.28. The disclosure for this sale can be found here. Insiders sold a total of 53,271 shares of company stock worth $4,103,356 in the last ninety days. 0.60% of the stock is currently owned by insiders.

Several equities analysts have commented on the stock. KeyCorp lowered their price objective on shares of Cognizant Technology Solutions from $91.00 to $89.00 and set an “overweight” rating for the company in a research report on Friday, August 3rd. Wolfe Research assumed coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, July 17th. They set a “market perform” rating for the company. BidaskClub lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Tuesday, June 26th. HSBC raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Tuesday, September 18th. Finally, Zacks Investment Research downgraded shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Monday, July 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $85.52.

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 business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.

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

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