Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Swedbank AB

Swedbank AB reduced its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 8.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 257,809 shares of the information technology service provider’s stock after selling 22,921 shares during the period. Swedbank AB’s holdings in Cognizant Technology Solutions were worth $19,898,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Birch Capital Management LLC lifted its position in shares of Cognizant Technology Solutions by 20.2% during the third quarter. Birch Capital Management LLC now owns 34,859 shares of the information technology service provider’s stock worth $2,690,000 after purchasing an additional 5,859 shares in the last quarter. Creative Planning lifted its position in shares of Cognizant Technology Solutions by 8.6% during the third quarter. Creative Planning now owns 44,423 shares of the information technology service provider’s stock worth $3,429,000 after purchasing an additional 3,518 shares in the last quarter. CX Institutional lifted its position in shares of Cognizant Technology Solutions by 5.3% during the third quarter. CX Institutional now owns 4,066 shares of the information technology service provider’s stock worth $314,000 after purchasing an additional 205 shares in the last quarter. Compagnie Lombard Odier SCmA acquired a new position in shares of Cognizant Technology Solutions during the third quarter worth $193,000. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Cognizant Technology Solutions during the third quarter worth $161,000. 92.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CTSH. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. JPMorgan Chase & Co. lifted their price target on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. Barclays lifted their price target on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada lifted their price target on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 28th. Finally, Jefferies Financial Group assumed coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $77.44.

Insider Buying and Selling

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now owns 46,427 shares of the company’s stock, valued at $3,419,812.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions Stock Up 0.3 %

Cognizant Technology Solutions stock opened at $77.60 on Thursday. The company has a 50-day simple moving average of $76.24 and a 200-day simple moving average of $71.59. The firm has a market capitalization of $38.58 billion, a P/E ratio of 18.65, a P/E/G ratio of 2.16 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. Cognizant Technology Solutions Co. has a one year low of $62.14 and a one year high of $80.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.12 by $0.05. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.10 earnings per share. As a group, equities analysts expect that Cognizant Technology Solutions Co. will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.