Sei Investments Co. Decreases Holdings in Cognizant Technology Solutions Corp (CTSH)

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Sei Investments Co. cut its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 57.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 117,210 shares of the information technology service provider’s stock after selling 155,861 shares during the quarter. Sei Investments Co.’s holdings in Cognizant Technology Solutions were worth $9,258,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Cognizant Technology Solutions by 10.9% in the first quarter. BlackRock Inc. now owns 40,069,496 shares of the information technology service provider’s stock worth $3,225,593,000 after buying an additional 3,948,014 shares during the period. Edgewood Management LLC increased its stake in shares of Cognizant Technology Solutions by 3.5% in the first quarter. Edgewood Management LLC now owns 17,723,514 shares of the information technology service provider’s stock worth $1,426,743,000 after buying an additional 596,707 shares during the period. Franklin Resources Inc. increased its stake in shares of Cognizant Technology Solutions by 0.7% in the first quarter. Franklin Resources Inc. now owns 10,892,663 shares of the information technology service provider’s stock worth $876,853,000 after buying an additional 77,616 shares during the period. Swedbank increased its stake in shares of Cognizant Technology Solutions by 0.5% in the first quarter. Swedbank now owns 6,540,653 shares of the information technology service provider’s stock worth $526,523,000 after buying an additional 32,832 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Cognizant Technology Solutions by 9.3% in the second quarter. Wells Fargo & Company MN now owns 5,358,928 shares of the information technology service provider’s stock worth $423,302,000 after buying an additional 454,193 shares during the period. 87.50% of the stock is currently owned by hedge funds and other institutional investors.

In other news, insider Sumithra Gomatam sold 1,597 shares of the business’s stock in a transaction on Monday, June 4th. The shares were sold at an average price of $77.02, for a total transaction of $123,000.94. Following the sale, the insider now owns 6,312 shares in the company, valued at approximately $486,150.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Rajeev Mehta sold 22,239 shares of the business’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $75.86, for a total transaction of $1,687,050.54. Following the sale, the president now owns 352 shares in the company, valued at approximately $26,702.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,620 shares of company stock worth $5,797,997. Company insiders own 0.60% of the company’s stock.

Several research analysts recently commented on CTSH shares. BidaskClub raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Friday, July 13th. Pivotal Research reaffirmed a “buy” rating and issued a $91.00 target price on shares of Cognizant Technology Solutions in a research note on Monday, May 7th. Zacks Investment Research raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a research note on Tuesday, May 1st. Credit Suisse Group set a $95.00 target price on shares of Cognizant Technology Solutions and gave the stock a “buy” rating in a research note on Tuesday, May 8th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $85.00 target price on shares of Cognizant Technology Solutions in a research note on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $85.52.

NASDAQ:CTSH opened at $74.91 on Tuesday. The firm has a market capitalization of $43.84 billion, a P/E ratio of 21.22, a P/E/G ratio of 1.39 and a beta of 0.94. Cognizant Technology Solutions Corp has a twelve month low of $69.24 and a twelve 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 released its quarterly earnings results on Thursday, August 2nd. The information technology service provider reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.09. The business had revenue of $4.01 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.93 earnings per share. analysts predict that Cognizant Technology Solutions Corp will post 4.18 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Wednesday, August 22nd will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Tuesday, August 21st. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 22.66%.

Cognizant Technology Solutions Corp is a computer and technology company in the IT Consulting & Other Services industry.

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

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