Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC decreased its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 1.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 401,899 shares of the information technology service provider’s stock after selling 7,605 shares during the period. Gateway Investment Advisers LLC owned about 0.07% of Cognizant Technology Solutions Corporation worth $26,686,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Cognizant Technology Solutions Corporation by 3,470.1% in the first quarter. BlackRock Inc. now owns 40,747,905 shares of the information technology service provider’s stock valued at $2,425,316,000 after buying an additional 39,606,526 shares during the period. Comgest Global Investors S.A.S. purchased a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at about $224,748,000. Thrivent Financial For Lutherans increased its stake in shares of Cognizant Technology Solutions Corporation by 11,666.2% in the first quarter. Thrivent Financial For Lutherans now owns 2,468,550 shares of the information technology service provider’s stock valued at $146,928,000 after buying an additional 2,447,570 shares during the period. Alliancebernstein L.P. increased its stake in shares of Cognizant Technology Solutions Corporation by 112.5% in the first quarter. Alliancebernstein L.P. now owns 4,487,749 shares of the information technology service provider’s stock valued at $267,111,000 after buying an additional 2,375,626 shares during the period. Finally, SRS Investment Management LLC purchased a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at about $134,797,000. 89.21% of the stock is currently owned by institutional investors.

Shares of Cognizant Technology Solutions Corporation (NASDAQ CTSH) opened at 70.61 on Friday. The firm has a market cap of $41.70 billion, a price-to-earnings ratio of 22.65 and a beta of 1.17. The stock’s 50 day moving average is $68.68 and its 200 day moving average is $62.67. Cognizant Technology Solutions Corporation has a 12-month low of $45.44 and a 12-month high of $71.57.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its quarterly earnings data on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.11. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.65 billion. Cognizant Technology Solutions Corporation had a net margin of 13.36% and a return on equity of 18.72%. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.87 EPS. Equities analysts expect 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 given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date is Friday, August 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio is 19.17%.

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A number of research firms have recently weighed in on CTSH. Morgan Stanley upped their price target on shares of Cognizant Technology Solutions Corporation from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, May 8th. Vetr raised shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating and set a $67.50 price target on the stock in a research note on Friday, April 14th. Credit Suisse Group set a $80.00 price target on shares of Cognizant Technology Solutions Corporation and gave the stock a “buy” rating in a research note on Friday, August 4th. They noted that the move was a valuation call. Pacific Crest reissued an “overweight” rating and set a $75.00 target price (up from $73.00) on shares of Cognizant Technology Solutions Corporation in a research report on Thursday, June 1st. Finally, BidaskClub downgraded shares of Cognizant Technology Solutions Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $70.02.

In related news, insider Sean Middleton sold 1,890 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $65.00, for a total transaction of $122,850.00. Following the completion of the transaction, the insider now directly owns 2,108 shares in the company, valued at approximately $137,020. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Maureen Breakiron-Evans sold 12,368 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $69.70, for a total transaction of $862,049.60. Following the transaction, the director now owns 1,075 shares of the company’s stock, valued at $74,927.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,528 shares of company stock valued at $5,306,449. 1.08% of the stock is owned by corporate insiders.

About Cognizant Technology Solutions Corporation

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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