Fred Alger Management Inc. cut its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 10.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,963,241 shares of the information technology service provider’s stock after selling 222,012 shares during the quarter. Fred Alger Management Inc. owned about 0.33% of Cognizant Technology Solutions Corporation worth $130,359,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTSH. AHL Partners LLP raised its holdings in shares of Cognizant Technology Solutions Corporation by 61.5% in the second quarter. AHL Partners LLP now owns 134,561 shares of the information technology service provider’s stock valued at $8,935,000 after buying an additional 51,222 shares during the last quarter. Zurich Insurance Group Ltd FI grew its holdings in shares of Cognizant Technology Solutions Corporation by 21.2% during the second quarter. Zurich Insurance Group Ltd FI now owns 89,366 shares of the information technology service provider’s stock worth $5,934,000 after buying an additional 15,644 shares during the last quarter. Guardian Capital LP grew its holdings in shares of Cognizant Technology Solutions Corporation by 5.1% during the second quarter. Guardian Capital LP now owns 207,239 shares of the information technology service provider’s stock worth $13,761,000 after buying an additional 10,090 shares during the last quarter. Sun Life Financial INC grew its holdings in shares of Cognizant Technology Solutions Corporation by 49,110.0% during the second quarter. Sun Life Financial INC now owns 9,842 shares of the information technology service provider’s stock worth $655,000 after buying an additional 9,822 shares during the last quarter. Finally, Harris Associates L P grew its holdings in shares of Cognizant Technology Solutions Corporation by 0.4% during the second quarter. Harris Associates L P now owns 215,765 shares of the information technology service provider’s stock worth $14,327,000 after buying an additional 770 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.

Shares of Cognizant Technology Solutions Corporation (CTSH) traded up 0.47% during trading on Tuesday, reaching $72.79. 557,285 shares of the company traded hands. The firm has a 50-day moving average price of $71.27 and a 200-day moving average price of $66.29. The firm has a market capitalization of $42.99 billion, a PE ratio of 23.35 and a beta of 1.12. Cognizant Technology Solutions Corporation has a 12 month low of $49.35 and a 12 month high of $73.28.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its quarterly earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $3.65 billion. During the same period in the previous year, the company earned $0.87 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. Equities research analysts anticipate that Cognizant Technology Solutions Corporation will post $3.70 EPS for the current year.

In related news, insider Gajakarnan Vibushanan Kandiah sold 4,999 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $69.50, for a total value of $347,430.50. Following the completion of the sale, the insider now directly owns 10,515 shares in the company, valued at $730,792.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sumithra Gomatam sold 3,601 shares of the company’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $72.00, for a total transaction of $259,272.00. Following the completion of the sale, the insider now owns 21,908 shares of the company’s stock, valued at $1,577,376. The disclosure for this sale can be found here. Insiders sold 287,357 shares of company stock valued at $20,521,043 over the last three months. Insiders own 1.08% of the company’s stock.

Several equities analysts recently issued reports on CTSH shares. Needham & Company LLC restated a “buy” rating and issued a $78.00 price target (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, August 9th. Berenberg Bank raised Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and increased their price objective for the stock from $65.00 to $85.00 in a research report on Tuesday, August 8th. Zacks Investment Research upgraded 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. BMO Capital Markets reiterated a “buy” rating and issued a $76.00 target price (up from $69.00) on shares of Cognizant Technology Solutions Corporation in a research note on Friday, August 4th. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $80.00 target price (up previously from $66.00) on shares of Cognizant Technology Solutions Corporation in a report on Thursday, June 15th. Five equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $72.91.

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Cognizant Technology Solutions Corporation 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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