Retirement Systems of Alabama cut its stake in shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) by 18.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 306,974 shares of the information technology service provider’s stock after selling 71,403 shares during the period. Retirement Systems of Alabama owned approximately 0.05% of Cognizant Technology Solutions Corp. worth $14,646,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Washington Trust Bank increased its stake in Cognizant Technology Solutions Corp. by 6.8% in the second quarter. Washington Trust Bank now owns 1,789 shares of the information technology service provider’s stock worth $102,000 after buying an additional 114 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Cognizant Technology Solutions Corp. during the second quarter worth $123,000. Exane Derivatives increased its stake in Cognizant Technology Solutions Corp. by 22.3% in the second quarter. Exane Derivatives now owns 2,278 shares of the information technology service provider’s stock worth $130,000 after buying an additional 416 shares in the last quarter. First Manhattan Co. increased its stake in Cognizant Technology Solutions Corp. by 16.8% in the second quarter. First Manhattan Co. now owns 2,523 shares of the information technology service provider’s stock worth $144,000 after buying an additional 363 shares in the last quarter. Finally, Assetmark Inc. increased its stake in Cognizant Technology Solutions Corp. by 29.4% in the second quarter. Assetmark Inc. now owns 2,699 shares of the information technology service provider’s stock worth $154,000 after buying an additional 613 shares in the last quarter. 84.02% of the stock is owned by institutional investors.

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

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) traded down 1.35% on Tuesday, reaching $56.18. The company’s stock had a trading volume of 3,540,378 shares. The stock has a market cap of $34.08 billion, a P/E ratio of 21.95 and a beta of 1.34. The stock has a 50-day moving average of $52.33 and a 200-day moving average of $56.43. Cognizant Technology Solutions Corp. has a one year low of $45.44 and a one year high of $65.43.

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last announced its quarterly earnings results on Monday, November 7th. The information technology service provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.02. The firm had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.46 billion. Cognizant Technology Solutions Corp. had a return on equity of 19.42% and a net margin of 11.78%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.76 earnings per share. On average, analysts predict that Cognizant Technology Solutions Corp. will post $3.37 EPS for the current fiscal year.

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CTSH has been the subject of a number of recent analyst reports. Cantor Fitzgerald increased their target price on shares of Cognizant Technology Solutions Corp. to $67.00 in a research report on Tuesday. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $62.00 price objective on shares of Cognizant Technology Solutions Corp. in a research report on Wednesday, August 3rd. Needham & Company LLC reduced their price objective on shares of Cognizant Technology Solutions Corp. from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, August 8th. Vetr downgraded shares of Cognizant Technology Solutions Corp. from a “strong-buy” rating to a “buy” rating and set a $65.33 price objective for the company. in a research report on Monday, September 5th. Finally, Societe Generale initiated coverage on shares of Cognizant Technology Solutions Corp. in a research report on Monday, September 26th. They set a “buy” rating and a $68.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the stock. Cognizant Technology Solutions Corp. presently has a consensus rating of “Buy” and an average price target of $64.93.

In other news, CFO Karen Mcloughlin sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $51.27, for a total transaction of $512,700.00. Following the transaction, the chief financial officer now directly owns 52,614 shares of the company’s stock, valued at $2,697,519.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Malcolm Frank sold 1,248 shares of the company’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $58.50, for a total value of $73,008.00. Following the transaction, the vice president now directly owns 3,945 shares in the company, valued at $230,782.50. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Cognizant Technology Solutions Corp. Company Profile

Cognizant Technology Solutions Corporation is a provider of information technology (IT), consulting and business process services. The Company operates through four segments: Financial Services, which includes customers providing banking/transaction processing, capital markets and insurance services; Healthcare, which includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies; Manufacturing, Retail and Logistics, which includes manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services, and Other, which includes communications, manufacturing/retail/logistics, and high technology.

5 Day Chart for NASDAQ:CTSH

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