Cetera Advisors LLC decreased its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 22.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,871 shares of the information technology service provider’s stock after selling 1,132 shares during the quarter. Cetera Advisors LLC’s holdings in Cognizant Technology Solutions were worth $245,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings in shares of Cognizant Technology Solutions by 0.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 18,415,017 shares of the information technology service provider’s stock valued at $1,420,720,000 after purchasing an additional 141,930 shares during the last quarter. CI Investments Inc. raised its holdings in shares of Cognizant Technology Solutions by 58.1% in the third quarter. CI Investments Inc. now owns 1,124,100 shares of the information technology service provider’s stock valued at $86,724,000 after purchasing an additional 413,300 shares during the last quarter. Martingale Asset Management L P grew its stake in shares of Cognizant Technology Solutions by 4.1% in the third quarter. Martingale Asset Management L P now owns 677,098 shares of the information technology service provider’s stock valued at $52,239,000 after buying an additional 26,575 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Cognizant Technology Solutions by 1.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,687,498 shares of the information technology service provider’s stock valued at $130,185,000 after buying an additional 20,027 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new position in Cognizant Technology Solutions during the third quarter worth $1,349,000. 88.67% of the stock is owned by hedge funds and other institutional investors.
CTSH has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Thursday. BidaskClub raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Tuesday, January 22nd. Wells Fargo & Co cut Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $82.00 to $75.00 in a report on Tuesday, April 16th. KeyCorp upped their target price on Cognizant Technology Solutions from $79.00 to $84.00 and gave the company an “overweight” rating in a report on Thursday, February 7th. Finally, Sanford C. Bernstein upgraded Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Friday, January 25th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. Cognizant Technology Solutions has an average rating of “Hold” and an average target price of $80.65.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, February 6th. The information technology service provider reported $1.13 earnings per share for the quarter, beating the Zacks’ 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%. Cognizant Technology Solutions’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period last year, the firm posted $1.03 EPS. On average, equities analysts forecast that Cognizant Technology Solutions Corp will post 4.44 earnings per share for the current fiscal year.
In related news, insider Gajakarnan Vibushanan Kandiah sold 1,208 shares of Cognizant Technology Solutions stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $71.23, for a total transaction of $86,045.84. Following the sale, the insider now directly owns 13,963 shares in the company, valued at $994,584.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Srinivasan Veeraraghavachary sold 2,000 shares of Cognizant Technology Solutions stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $74.00, for a total value of $148,000.00. Following the sale, the chief operating officer now owns 38,992 shares in the company, valued at $2,885,408. The disclosure for this sale can be found here. Insiders sold a total of 49,162 shares of company stock worth $3,542,788 over the last ninety days. Insiders own 0.60% of the company’s stock.
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.
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