Factory Mutual Insurance Co. reduced its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 3.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,026,100 shares of the information technology service provider’s stock after selling 35,500 shares during the quarter. Factory Mutual Insurance Co.’s holdings in Cognizant Technology Solutions were worth $72,874,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also bought and sold shares of the company. Linscomb & Williams Inc. acquired a new stake in Cognizant Technology Solutions in the 3rd quarter valued at approximately $278,000. Robeco Institutional Asset Management B.V. increased its position in Cognizant Technology Solutions by 45.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 143,385 shares of the information technology service provider’s stock valued at $10,401,000 after acquiring an additional 44,982 shares during the period. Rothschild Asset Management Inc. acquired a new stake in Cognizant Technology Solutions in the 3rd quarter valued at approximately $12,538,000. Palladium Partners LLC increased its position in shares of Cognizant Technology Solutions by 2.5% during the 3rd quarter. Palladium Partners LLC now owns 98,625 shares of the information technology service provider’s stock valued at $7,154,000 after purchasing an additional 2,425 shares during the period. Finally, Aurora Investment Counsel acquired a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at $1,252,000. Hedge funds and other institutional investors own 86.04% of the company’s stock.
Several brokerages have recently issued reports on CTSH. Needham & Company LLC upgraded Cognizant Technology Solutions from a “buy” rating to a “strong-buy” rating and lifted their price target for the company from $78.00 to $90.00 in a research report on Wednesday, November 1st. Oppenheimer reiterated a “buy” rating and set a $80.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, November 1st. Cantor Fitzgerald reiterated a “buy” rating and set a $78.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, November 1st. William Blair upgraded Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating in a research report on Wednesday, November 1st. Finally, Credit Suisse Group reiterated an “outperform” rating and set a $89.00 price target (up from $80.00) on shares of Cognizant Technology Solutions in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. Cognizant Technology Solutions currently has a consensus rating of “Buy” and an average price target of $81.75.
In related news, insider Sumithra Gomatam sold 3,163 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $76.00, for a total transaction of $240,388.00. Following the completion of the sale, the insider now owns 6,346 shares of the company’s stock, valued at $482,296. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Leo S. Jr. Mackay sold 14,247 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $74.80, for a total value of $1,065,675.60. Following the sale, the director now directly owns 12,577 shares of the company’s stock, valued at approximately $940,759.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 807,286 shares of company stock valued at $58,679,209. 1.08% of the stock is currently owned by insiders.
Shares of Cognizant Technology Solutions Corp (CTSH) traded up $0.55 during midday trading on Tuesday, hitting $74.56. The company had a trading volume of 3,816,200 shares, compared to its average volume of 3,483,322. The company has a quick ratio of 3.29, a current ratio of 3.29 and a debt-to-equity ratio of 0.07. The firm has a market cap of $44,260.00, a PE ratio of 23.08, a price-to-earnings-growth ratio of 1.43 and a beta of 1.08. Cognizant Technology Solutions Corp has a twelve month low of $51.52 and a twelve month high of $76.51.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, November 1st. The information technology service provider reported $0.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.13. The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Cognizant Technology Solutions had a return on equity of 18.94% and a net margin of 13.42%. Cognizant Technology Solutions’s revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.86 earnings per share. sell-side analysts expect that Cognizant Technology Solutions Corp will post 3.35 EPS for the current year.
Cognizant Technology Solutions Profile
Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.
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