1ST Source Bank Lowers Stake in Cognizant Technology Solutions Corporation (CTSH)

1ST Source Bank lowered its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 8.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,156 shares of the information technology service provider’s stock after selling 1,885 shares during the period. 1ST Source Bank’s holdings in Cognizant Technology Solutions Corporation were worth $1,338,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Teachers Advisors LLC raised its position in Cognizant Technology Solutions Corporation by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 919,051 shares of the information technology service provider’s stock valued at $51,494,000 after buying an additional 40,369 shares during the last quarter. Pensionfund Sabic raised its position in Cognizant Technology Solutions Corporation by 9.4% in the first quarter. Pensionfund Sabic now owns 31,400 shares of the information technology service provider’s stock valued at $1,869,000 after buying an additional 2,700 shares during the last quarter. Pensionfund DSM Netherlands raised its position in Cognizant Technology Solutions Corporation by 3.3% in the first quarter. Pensionfund DSM Netherlands now owns 62,400 shares of the information technology service provider’s stock valued at $3,714,000 after buying an additional 2,000 shares during the last quarter. Cohen Lawrence B raised its position in Cognizant Technology Solutions Corporation by 1.4% in the first quarter. Cohen Lawrence B now owns 76,297 shares of the information technology service provider’s stock valued at $4,541,000 after buying an additional 1,020 shares during the last quarter. Finally, Rosenbaum Jay D. raised its position in Cognizant Technology Solutions Corporation by 9.0% in the first quarter. Rosenbaum Jay D. now owns 18,125 shares of the information technology service provider’s stock valued at $1,079,000 after buying an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 88.68% of the company’s stock.

Cognizant Technology Solutions Corporation (CTSH) opened at 70.07 on Friday. The company has a market cap of $41.38 billion, a P/E ratio of 22.48 and a beta of 1.17. The company has a 50-day moving average of $69.29 and a 200 day moving average of $63.21. Cognizant Technology Solutions Corporation has a one year low of $45.44 and a one year high of $72.07.

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

The company also recently declared 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. The ex-dividend date is Friday, August 18th. This represents a $0.60 annualized dividend and a yield of 0.86%. Cognizant Technology Solutions Corporation’s dividend payout ratio is presently 19.17%.

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Several equities analysts have recently issued reports on CTSH shares. Vetr lowered shares of Cognizant Technology Solutions Corporation from a “strong-buy” rating to a “buy” rating and set a $67.50 target price for the company. in a report on Monday, May 1st. Cantor Fitzgerald restated a “buy” rating and issued a $67.00 price objective on shares of Cognizant Technology Solutions Corporation in a report on Friday, May 5th. Needham & Company LLC restated a “buy” rating and issued a $70.00 price objective (up from $65.00) on shares of Cognizant Technology Solutions Corporation in a report on Friday, May 5th. Credit Suisse Group set a $70.00 price objective on shares of Cognizant Technology Solutions Corporation and gave the stock a “buy” rating in a report on Saturday, May 6th. Finally, Morgan Stanley boosted their price objective on shares of Cognizant Technology Solutions Corporation from $62.00 to $65.00 and gave the stock an “equal weight” rating in a report on Monday, May 8th. 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 issued a strong buy rating to the stock. Cognizant Technology Solutions Corporation presently has a consensus rating of “Buy” and a consensus target price of $70.02.

In related news, insider Venkat Krishnaswamy sold 4,205 shares of the firm’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $66.75, for a total transaction of $280,683.75. Following the sale, the insider now owns 13,540 shares in the company, valued at $903,795. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Gajakarnan Vibushanan Kandiah sold 1,500 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $66.00, for a total transaction of $99,000.00. Following the sale, the insider now owns 10,515 shares in the company, valued at approximately $693,990. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,222 shares of company stock worth $6,326,183. 1.08% of the stock is owned by company 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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