World Asset Management Inc Sells 389 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

World Asset Management Inc lessened its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,029 shares of the information technology service provider’s stock after selling 389 shares during the quarter. World Asset Management Inc’s holdings in Cognizant Technology Solutions were worth $1,190,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. J.W. Cole Advisors Inc. raised its position in shares of Cognizant Technology Solutions by 3.7% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 3,652 shares of the information technology service provider’s stock valued at $273,000 after acquiring an additional 129 shares during the period. Arkadios Wealth Advisors raised its position in shares of Cognizant Technology Solutions by 52.0% in the 3rd quarter. Arkadios Wealth Advisors now owns 409 shares of the information technology service provider’s stock valued at $30,000 after acquiring an additional 140 shares during the period. Probity Advisors Inc. raised its position in shares of Cognizant Technology Solutions by 1.8% in the 3rd quarter. Probity Advisors Inc. now owns 8,429 shares of the information technology service provider’s stock valued at $626,000 after acquiring an additional 151 shares during the period. Creative Planning raised its position in shares of Cognizant Technology Solutions by 0.8% in the 3rd quarter. Creative Planning now owns 21,896 shares of the information technology service provider’s stock valued at $1,625,000 after acquiring an additional 166 shares during the period. Finally, Scotia Capital Inc. raised its position in shares of Cognizant Technology Solutions by 4.0% in the 2nd quarter. Scotia Capital Inc. now owns 4,420 shares of the information technology service provider’s stock valued at $306,000 after acquiring an additional 168 shares during the period. 89.41% of the stock is currently owned by institutional investors.

Shares of Cognizant Technology Solutions stock opened at $87.20 on Friday. The firm has a 50-day moving average of $83.68 and a 200-day moving average of $77.82. The stock has a market cap of $45.80 billion, a PE ratio of 24.63, a PEG ratio of 1.76 and a beta of 1.15. Cognizant Technology Solutions Co. has a 52-week low of $66.19 and a 52-week high of $92.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.11 and a current ratio of 2.11.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Tuesday, October 26th. The information technology service provider reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.01. The company had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.73 billion. Cognizant Technology Solutions had a net margin of 10.48% and a return on equity of 17.55%. Cognizant Technology Solutions’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.97 earnings per share. Equities research analysts predict that Cognizant Technology Solutions Co. will post 4.06 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 30th. Investors of record on Friday, November 19th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Thursday, November 18th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.12%.

Several analysts have commented on CTSH shares. Morgan Stanley downgraded shares of Cognizant Technology Solutions from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $91.00 to $95.00 in a report on Monday, January 10th. BMO Capital Markets lifted their price objective on shares of Cognizant Technology Solutions from $86.00 to $92.00 and gave the company an “outperform” rating in a report on Friday, November 19th. Royal Bank of Canada lifted their price objective on shares of Cognizant Technology Solutions from $90.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 19th. Citigroup downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $93.00 to $95.00 in a report on Friday. Finally, Barclays lifted their price objective on shares of Cognizant Technology Solutions from $73.00 to $78.00 and gave the company an “underweight” rating in a report on Friday, October 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $88.86.

In related news, EVP Andrew J. Stafford sold 6,422 shares of the business’s stock in a transaction dated Thursday, December 9th. The stock was sold at an average price of $80.87, for a total value of $519,347.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is owned by insiders.

Cognizant Technology Solutions Company Profile

Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services; Healthcare; Products and Resources; and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.

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

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