Smith Salley & Associates Boosts Stake in Cognizant Technology Solutions Corporation (CTSH)

Smith Salley & Associates boosted its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,215 shares of the information technology service provider’s stock after buying an additional 2,260 shares during the period. Cognizant Technology Solutions Corporation accounts for 1.3% of Smith Salley & Associates’ investment portfolio, making the stock its 25th largest position. Smith Salley & Associates’ holdings in Cognizant Technology Solutions Corporation were worth $6,522,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Gulf International Bank UK Ltd raised its stake in shares of Cognizant Technology Solutions Corporation by 1.9% in the first quarter. Gulf International Bank UK Ltd now owns 186,615 shares of the information technology service provider’s stock worth $11,107,000 after buying an additional 3,500 shares during the last quarter. Trust Co. of Oklahoma raised its stake in shares of Cognizant Technology Solutions Corporation by 0.6% in the first quarter. Trust Co. of Oklahoma now owns 30,218 shares of the information technology service provider’s stock worth $1,799,000 after buying an additional 181 shares during the last quarter. Raymond James Trust N.A. raised its stake in shares of Cognizant Technology Solutions Corporation by 10.2% in the first quarter. Raymond James Trust N.A. now owns 10,996 shares of the information technology service provider’s stock worth $655,000 after buying an additional 1,016 shares during the last quarter. Boltwood Capital Management raised its stake in shares of Cognizant Technology Solutions Corporation by 16.3% in the first quarter. Boltwood Capital Management now owns 15,850 shares of the information technology service provider’s stock worth $943,000 after buying an additional 2,225 shares during the last quarter. Finally, CENTRAL TRUST Co raised its stake in shares of Cognizant Technology Solutions Corporation by 13.8% in the first quarter. CENTRAL TRUST Co now owns 6,368 shares of the information technology service provider’s stock worth $379,000 after buying an additional 770 shares during the last quarter. Hedge funds and other institutional investors own 89.21% of the company’s stock.

Shares of Cognizant Technology Solutions Corporation (CTSH) traded up 0.86% during mid-day trading on Friday, reaching $70.61. 3,426,407 shares of the company’s stock traded hands. The firm’s 50-day moving average is $68.58 and its 200 day moving average is $62.57. The firm has a market cap of $41.70 billion, a price-to-earnings ratio of 22.65 and a beta of 1.17. Cognizant Technology Solutions Corporation has a one year low of $45.44 and a one year high of $71.57.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last issued its quarterly earnings data on Thursday, August 3rd. The information technology service provider reported $0.93 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.11. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.87 EPS. Analysts predict that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 22nd will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 0.86%. Cognizant Technology Solutions Corporation’s payout ratio is currently 19.17%.

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CTSH has been the subject of a number of research analyst reports. Vetr upgraded shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating and set a $67.50 price objective for the company in a report on Friday, April 14th. Needham & Company LLC raised their target price on shares of Cognizant Technology Solutions Corporation from $70.00 to $72.00 and gave the company a “buy” rating in a research report on Monday, May 15th. Deutsche Bank AG reissued a “buy” rating and set a $79.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, May 31st. HSBC Holdings plc downgraded shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and raised their target price for the company from $65.00 to $68.00 in a research report on Thursday, June 8th. Finally, Pacific Crest reissued an “overweight” rating and set a $75.00 target price (up previously from $73.00) on shares of Cognizant Technology Solutions Corporation in a research report on Thursday, June 1st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cognizant Technology Solutions Corporation presently has an average rating of “Buy” and a consensus price target of $70.02.

In other news, insider Sumithra Gomatam sold 10,000 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $69.75, for a total value of $697,500.00. Following the completion of the transaction, the insider now owns 24,445 shares of the company’s stock, valued at $1,705,038.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Srinivasan Veeraraghavachary sold 3,069 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $65.00, for a total value of $199,485.00. Following the completion of the transaction, the chief operating officer now directly owns 24,737 shares of the company’s stock, valued at approximately $1,607,905. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,528 shares of company stock valued at $5,306,449. 1.08% of the stock is owned by company insiders.

Cognizant Technology Solutions Corporation Company 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.

Institutional Ownership by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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