SG Americas Securities LLC cut its stake in Cognizant Technology Solutions Co. (NASDAQ: CTSH – Get Rating ) by 81.4% during the third quarter, according to a recent SEC filing. The fund owns 29,615 shares of the information technology services provider after selling 129,501 shares in the quarter. As of its most recent SEC filing, SG Americas Securities LLC’s holding in Cognizant Technology Solutions was valued at $1,701,000.
A number of other hedge funds have also bought and sold the company’s shares recently. Pacer Advisors Inc. increased its stake in Cognizant Technology Solutions by 6,635.8% in the third quarter. Pacer Advisors Inc. now owns 1,090,799 shares of the information technology services provider worth $62,655,000 after purchasing an additional 1,074,605 shares during that period. Lazard Asset Management LLC increased its stake in Cognizant Technology Solutions by 175.2% in the second quarter. Lazard Asset Management LLC now owns 1,503,004 shares of the information technology service provider worth $101,436,000 after purchasing an additional 956,946 shares during that period. Amundi increased its stake in Cognizant Technology Solutions by 16.5% in the second quarter. Amundi now owns 3,372,879 shares of the information technology services provider, worth $217,415,000, after purchasing an additional 477,377 shares during that period. AQR Capital Management LLC increased its stake in Cognizant Technology Solutions by 60.8% during the second quarter. AQR Capital Management LLC now owns 1,174,990 shares of the information technology service provider worth $78,865,000 after purchasing an additional 444,285 shares during that period. Finally, Scharf Investments LLC increased its stake in Cognizant Technology Solutions by 24.5% during the third quarter. Scharf Investments LLC now owns 1,740,590 shares of the information technology service provider’s stock worth $99,979,000 after purchasing an additional 341,986 shares during the period. 90.12% of the shares are held by hedge funds and other institutional investors.
Cognizant Technology Solutions shares fell 1.6%
CTSH stock opened Friday at $64.06. Cognizant Technology Solutions Co. had a twelve-month low of $51.33 and a twelve-month high of $93.47. The company has a quick ratio of 2.27, a current ratio of 2.27, and a debt-to-equity ratio of 0.05. The company has a market cap of $32.92 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 1.26, and a beta of 1.05. The stock has a 50-day simple moving average of $58.54 and a 200-day simple moving average of $62.04.
Cognizant Technology Solutions (NASDAQ: CTSH – Get Rating ) last reported quarterly earnings data on Wednesday, November 2nd. The information technology services provider reported earnings per share of $1.17 for the quarter, meeting the consensus estimate of $1.17. Cognizant Technology Solutions had a return on equity of 19.55% and a net profit margin of 12.11%. The company’s revenue for the quarter was $4.86 billion, compared with analyst estimates of $5.01 billion. On average, equity analysts forecast Cognizant Technology Solutions Co. to post earnings per share of 4.39 for the fiscal year.
Cognizant Technology Solutions Announces Dividend
The company also recently disclosed its quarterly dividend, which was paid on Tuesday, November 29. A dividend of $0.27 per share was paid to shareholders of record on Friday, November 18. This represents an annualized dividend of $1.08 and a dividend yield of 1.69%. The ex-dividend date for this dividend is Thursday, November 17. Cognizant Technology Solutions has a payout ratio of 24.00%.
Insider Trading at Cognizant Technology Solutions
In other Cognizant Technology Solutions news, director Leo S. Jr. Mackay sold 3,300 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The stock has an average selling price of $52.79 and a total value of $174,207.00. After the sale is complete, the directors now own 28,310 shares of company stock valued at $1,494,484.90. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed at this link. 0.34% of shares are owned by insiders.
Analyst Rating Changes
Several research firms have recently commented on CTSH. Wedbush cut their price target on shares of Cognizant Technology Solutions from $95.00 to $72.00 in a research report on Thursday, November 3rd. StockNews.com began coverage on shares of Cognizant Technology Solutions in a research report on Wednesday, October 12th. They have a “buy” rating on the stock. Barclays cut their price target on shares of Cognizant Technology Solutions from $55.00 to $45.00 and set an “underweight” rating on the stock in a research report on Sunday, November 6th. Morgan Stanley cut their price target on Cognizant Technology Solutions from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 3rd. Finally, Societe Generale downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating and set a $70.00 price target on the stock. in a research report on Thursday, November 3rd. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $69.84.
About Cognizant Technology Solutions
Cognizant Technology Solutions Corporation is a professional services company that provides consulting and technology and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology.
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