Livforsakringsbolaget Skandia Omsesidigt Sells 1,700 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Livforsakringsbolaget Skandia Omsesidigt reduced its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 9.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 17,260 shares of the information technology service provider’s stock after selling 1,700 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Cognizant Technology Solutions were worth $1,127,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Zions Bancorporation N.A. boosted its position in shares of Cognizant Technology Solutions by 29.9% during the 1st quarter. Zions Bancorporation N.A. now owns 651 shares of the information technology service provider’s stock valued at $58,000 after acquiring an additional 150 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Cognizant Technology Solutions by 24.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 854 shares of the information technology service provider’s stock valued at $52,000 after acquiring an additional 169 shares during the last quarter. Auxano Advisors LLC boosted its position in shares of Cognizant Technology Solutions by 2.5% during the 1st quarter. Auxano Advisors LLC now owns 6,845 shares of the information technology service provider’s stock valued at $417,000 after acquiring an additional 170 shares during the last quarter. Penserra Capital Management LLC boosted its position in shares of Cognizant Technology Solutions by 8.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,541 shares of the information technology service provider’s stock valued at $227,000 after acquiring an additional 189 shares during the last quarter. Finally, Evergreen Capital Management LLC boosted its position in shares of Cognizant Technology Solutions by 3.6% during the 1st quarter. Evergreen Capital Management LLC now owns 5,460 shares of the information technology service provider’s stock valued at $490,000 after acquiring an additional 191 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Stock Performance

CTSH stock opened at $70.97 on Friday. Cognizant Technology Solutions Co. has a twelve month low of $51.33 and a twelve month high of $72.71. 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 business’s fifty day simple moving average is $69.25 and its two-hundred day simple moving average is $64.25. The firm has a market cap of $35.84 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.83 and a beta of 1.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, August 2nd. The information technology service provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.13. Cognizant Technology Solutions had a return on equity of 18.00% and a net margin of 11.31%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the prior year, the company earned $1.14 EPS. The business’s revenue was down .4% compared to the same quarter last year. Analysts predict that Cognizant Technology Solutions Co. will post 4.41 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 29th. Stockholders of record on Monday, August 21st were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, August 18th. Cognizant Technology Solutions’s payout ratio is 27.04%.

Analysts Set New Price Targets

Several analysts recently weighed in on CTSH shares. Citigroup increased their price target on Cognizant Technology Solutions from $65.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, August 3rd. StockNews.com started coverage on Cognizant Technology Solutions in a report on Thursday, August 17th. They set a “buy” rating on the stock. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from an “underweight” rating to a “neutral” rating and increased their price target for the company from $72.00 to $77.00 in a report on Tuesday, August 22nd. Barclays increased their price target on Cognizant Technology Solutions from $53.00 to $61.00 and gave the company an “underweight” rating in a report on Tuesday, July 25th. Finally, Royal Bank of Canada increased their price target on Cognizant Technology Solutions from $66.00 to $74.00 and gave the company a “sector perform” rating in a report on Thursday, August 3rd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $68.75.

About Cognizant Technology Solutions

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.