World Asset Management Inc Grows Holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH)

World Asset Management Inc boosted its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 0.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,457 shares of the information technology service provider’s stock after purchasing an additional 239 shares during the quarter. World Asset Management Inc’s holdings in Cognizant Technology Solutions were worth $2,257,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. North Star Investment Management Corp. purchased a new stake in Cognizant Technology Solutions in the 3rd quarter valued at $25,000. Field & Main Bank increased its stake in Cognizant Technology Solutions by 350.0% in the 2nd quarter. Field & Main Bank now owns 450 shares of the information technology service provider’s stock valued at $29,000 after buying an additional 350 shares during the period. Berman Capital Advisors LLC increased its stake in Cognizant Technology Solutions by 137.7% in the 2nd quarter. Berman Capital Advisors LLC now owns 637 shares of the information technology service provider’s stock valued at $40,000 after buying an additional 369 shares during the period. Citizens Financial Group Inc RI increased its stake in Cognizant Technology Solutions by 35.3% in the 2nd quarter. Citizens Financial Group Inc RI now owns 716 shares of the information technology service provider’s stock valued at $46,000 after buying an additional 187 shares during the period. Finally, YorkBridge Wealth Partners LLC increased its stake in Cognizant Technology Solutions by 52.7% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 892 shares of the information technology service provider’s stock valued at $57,000 after buying an additional 308 shares during the period. Hedge funds and other institutional investors own 91.61% of the company’s stock.

Several brokerages have issued reports on CTSH. HSBC cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating and dropped their price objective for the company from $72.00 to $70.00 in a research note on Tuesday, July 23rd. Robert W. Baird set a $76.00 price objective on shares of Cognizant Technology Solutions and gave the company a “buy” rating in a research note on Friday, September 6th. UBS Group cut shares of Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $62.00 to $60.00 in a research note on Friday, August 2nd. BidaskClub cut shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Friday, October 11th. Finally, Citigroup dropped their price objective on shares of Cognizant Technology Solutions from $76.00 to $69.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Six investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the stock. Cognizant Technology Solutions has a consensus rating of “Hold” and an average price target of $72.50.

In other news, EVP Allen Shaheen sold 975 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $64.30, for a total transaction of $62,692.50. Following the transaction, the executive vice president now directly owns 2,010 shares in the company, valued at approximately $129,243. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Karen Mcloughlin sold 1,523 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $64.92, for a total transaction of $98,873.16. Following the transaction, the chief financial officer now owns 66,043 shares in the company, valued at $4,287,511.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,823 shares of company stock worth $1,169,337. 0.56% of the stock is owned by insiders.

NASDAQ:CTSH traded up $0.19 on Thursday, reaching $60.54. The stock had a trading volume of 73,297 shares, compared to its average volume of 2,885,152. The company has a market cap of $33.08 billion, a price-to-earnings ratio of 15.06, a P/E/G ratio of 1.38 and a beta of 1.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.55 and a quick ratio of 2.55. The firm’s fifty day moving average is $61.52 and its two-hundred day moving average is $63.71. Cognizant Technology Solutions Corp has a 12-month low of $56.73 and a 12-month high of $74.85.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, July 31st. The information technology service provider reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. The company had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.13 billion. Cognizant Technology Solutions had a net margin of 12.61% and a return on equity of 20.52%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.05 EPS. As a group, research analysts forecast that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current fiscal year.

Cognizant Technology Solutions 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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