Smith Salley & Associates Has $6.52 Million Stake in Cognizant Technology Solutions Corporation (CTSH)

Smith Salley & Associates boosted its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 makes up approximately 1.3% of Smith Salley & Associates’ 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 quarter.

Several other large investors have also recently made changes to their positions in the stock. Guardian Life Insurance Co. of America increased its stake in shares of Cognizant Technology Solutions Corporation by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock valued at $140,000 after buying an additional 27 shares in the last quarter. Assetmark Inc. increased its stake in shares of Cognizant Technology Solutions Corporation by 24.2% in the first quarter. Assetmark Inc. now owns 2,592 shares of the information technology service provider’s stock valued at $154,000 after buying an additional 505 shares in the last quarter. IFP Advisors Inc increased its stake in shares of Cognizant Technology Solutions Corporation by 40.8% in the first quarter. IFP Advisors Inc now owns 2,696 shares of the information technology service provider’s stock valued at $160,000 after buying an additional 781 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at $192,000. Finally, Acadian Asset Management LLC increased its stake in shares of Cognizant Technology Solutions Corporation by 253.9% in the first quarter. Acadian Asset Management LLC now owns 3,231 shares of the information technology service provider’s stock valued at $192,000 after buying an additional 2,318 shares in the last quarter. 88.68% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Corporation (CTSH) opened at 70.07 on Friday. The stock has a market capitalization of $41.38 billion, a price-to-earnings ratio of 22.48 and a beta of 1.17. Cognizant Technology Solutions Corporation has a 12-month low of $45.44 and a 12-month high of $72.07. The stock’s 50 day moving average is $69.29 and its 200 day moving average is $63.21.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its quarterly earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.11. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the prior year, the business earned $0.87 earnings per share. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities research analysts forecast that Cognizant Technology Solutions Corporation will post $3.70 EPS for the current fiscal year.

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

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Several brokerages have recently weighed in on CTSH. Credit Suisse Group set a $70.00 target price on shares of Cognizant Technology Solutions Corporation and gave the company a “buy” rating in a research note on Saturday, May 6th. Needham & Company LLC reissued a “buy” rating and issued a $78.00 target price (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a research note on Wednesday, August 9th. Berenberg Bank raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and increased their target price for the company from $65.00 to $85.00 in a research note on Tuesday, August 8th. Zacks Investment Research raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research note on Tuesday, August 8th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $76.00 target price (up previously from $69.00) on shares of Cognizant Technology Solutions Corporation in a research note on Friday, August 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $70.02.

In other Cognizant Technology Solutions Corporation news, insider Venkat Krishnaswamy sold 4,205 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $66.75, for a total value of $280,683.75. Following the completion of the transaction, the insider now owns 13,540 shares in the company, valued at $903,795. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gajakarnan Vibushanan Kandiah sold 1,500 shares of the stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $66.00, for a total value of $99,000.00. Following the completion of the transaction, the insider now owns 10,515 shares of the company’s stock, valued at approximately $693,990. The disclosure for this sale can be found here. Insiders have sold 91,222 shares of company stock valued at $6,326,183 in the last 90 days. Company insiders own 1.08% of the company’s stock.

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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