Stifel Financial Corp Cuts Stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH)

Stifel Financial Corp lessened its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 51.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,685 shares of the information technology service provider’s stock after selling 159,991 shares during the quarter. Stifel Financial Corp’s holdings in Cognizant Technology Solutions were worth $9,168,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. North Star Investment Management Corp. acquired a new position in Cognizant Technology Solutions during the 3rd quarter valued at about $25,000. Berman Capital Advisors LLC grew its stake in shares of Cognizant Technology Solutions by 137.7% in the 2nd quarter. Berman Capital Advisors LLC now owns 637 shares of the information technology service provider’s stock worth $40,000 after purchasing an additional 369 shares during the last quarter. Citizens Financial Group Inc RI grew its stake in shares of Cognizant Technology Solutions by 35.3% in the 2nd quarter. Citizens Financial Group Inc RI now owns 716 shares of the information technology service provider’s stock worth $46,000 after purchasing an additional 187 shares during the last quarter. CSat Investment Advisory L.P. raised its holdings in shares of Cognizant Technology Solutions by 1,027.3% in the 2nd quarter. CSat Investment Advisory L.P. now owns 1,116 shares of the information technology service provider’s stock worth $71,000 after purchasing an additional 1,017 shares in the last quarter. Finally, NEXT Financial Group Inc raised its holdings in shares of Cognizant Technology Solutions by 18.9% in the 2nd quarter. NEXT Financial Group Inc now owns 1,184 shares of the information technology service provider’s stock worth $75,000 after purchasing an additional 188 shares in the last quarter. 91.45% of the stock is owned by institutional investors.

A number of brokerages recently weighed in on CTSH. Citigroup reduced their target price on shares of Cognizant Technology Solutions from $76.00 to $69.00 and set a “buy” rating for the company in a report on Monday, October 14th. Robert W. Baird set a $76.00 price objective on Cognizant Technology Solutions and gave the stock a “buy” rating in a research note on Friday, September 6th. Needham & Company LLC lowered Cognizant Technology Solutions from a “hold” rating to an “underperform” rating in a research report on Friday, November 22nd. ValuEngine upgraded Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, BidaskClub cut Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Friday, October 11th. Seven equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $70.72.

NASDAQ:CTSH opened at $62.75 on Wednesday. The stock’s 50 day moving average price is $62.19 and its 200 day moving average price is $62.49. Cognizant Technology Solutions Corp has a 52 week low of $56.73 and a 52 week high of $74.85. The company has a market capitalization of $35.10 billion, a P/E ratio of 16.40, a P/E/G ratio of 1.47 and a beta of 1.04. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.53 and a current ratio of 2.53.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, October 30th. The information technology service provider reported $1.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.03. The firm had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.21 billion. Cognizant Technology Solutions had a net margin of 12.60% and a return on equity of 20.23%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.05 earnings per share. As a group, sell-side analysts forecast that Cognizant Technology Solutions Corp will post 3.97 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.27%. Cognizant Technology Solutions’s dividend payout ratio is currently 19.90%.

In related news, CFO Karen Mcloughlin sold 1,523 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $64.92, for a total transaction of $98,873.16. Following the completion of the transaction, the chief financial officer now owns 66,043 shares of the company’s stock, valued at approximately $4,287,511.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Francisco Dsouza sold 62,178 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $63.62, for a total value of $3,955,764.36. Following the transaction, the director now directly owns 526,227 shares of the company’s stock, valued at approximately $33,478,561.74. The disclosure for this sale can be found here. Insiders have sold a total of 66,128 shares of company stock worth $4,210,659 in the last 90 days. 0.56% of the stock is owned by insiders.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.

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

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