Sumitomo Mitsui Trust Group Inc. Sells 13,736 Shares of Cognizant Technology Solutions Corporation $CTSH

Sumitomo Mitsui Trust Group Inc. cut its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,403,696 shares of the information technology service provider’s stock after selling 13,736 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.29% of Cognizant Technology Solutions worth $94,146,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CTSH. Vanguard Group Inc. grew its stake in Cognizant Technology Solutions by 1.3% in the second quarter. Vanguard Group Inc. now owns 59,854,530 shares of the information technology service provider’s stock valued at $4,670,449,000 after purchasing an additional 746,732 shares during the last quarter. State Street Corp lifted its position in shares of Cognizant Technology Solutions by 0.6% during the second quarter. State Street Corp now owns 25,381,572 shares of the information technology service provider’s stock valued at $1,980,524,000 after buying an additional 157,427 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in shares of Cognizant Technology Solutions by 2.2% in the 2nd quarter. Pzena Investment Management LLC now owns 17,450,691 shares of the information technology service provider’s stock valued at $1,361,677,000 after buying an additional 375,619 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cognizant Technology Solutions by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 14,019,891 shares of the information technology service provider’s stock valued at $1,091,391,000 after buying an additional 206,532 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Cognizant Technology Solutions in the 2nd quarter worth approximately $487,526,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CTSH. Wells Fargo & Company increased their target price on shares of Cognizant Technology Solutions from $82.00 to $87.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Royal Bank Of Canada reduced their price target on Cognizant Technology Solutions from $93.00 to $82.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 30th. William Blair upgraded Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating in a report on Friday, November 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Cognizant Technology Solutions in a research report on Monday, December 29th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $84.00 target price on shares of Cognizant Technology Solutions in a research report on Wednesday, October 29th. Seven research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $85.35.

Insider Activity at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, Director Michael Patsalos-Fox sold 2,000 shares of Cognizant Technology Solutions stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $84.23, for a total transaction of $168,460.00. Following the completion of the sale, the director directly owned 29,729 shares in the company, valued at approximately $2,504,073.67. The trade was a 6.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO John Sunshin Kim sold 2,500 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the sale, the chief accounting officer owned 36,149 shares in the company, valued at $2,891,920. The trade was a 6.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,206 shares of company stock worth $2,505,231 over the last quarter. Insiders own 0.32% of the company’s stock.

Cognizant Technology Solutions Trading Down 0.9%

NASDAQ:CTSH opened at $84.47 on Wednesday. The company has a market capitalization of $40.77 billion, a P/E ratio of 19.60, a PEG ratio of 1.63 and a beta of 0.96. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Corporation has a 12 month low of $65.15 and a 12 month high of $90.82. The firm has a fifty day simple moving average of $79.93 and a 200-day simple moving average of $74.37.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, October 29th. The information technology service provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.09. Cognizant Technology Solutions had a return on equity of 17.00% and a net margin of 10.20%.The company had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter last year, the business posted $1.25 EPS. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. Cognizant Technology Solutions has set its FY 2025 guidance at 5.220-5.260 EPS. On average, equities research analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Investors of record on Tuesday, November 18th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.5%. Cognizant Technology Solutions’s payout ratio is 28.77%.

About Cognizant Technology Solutions

Cognizant Technology Solutions (NASDAQ: CTSH) is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.

Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.