Stearns Financial Services Group purchased a new stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) during the second quarter, Holdings Channel reports. The institutional investor purchased 3,247 shares of the information technology service provider’s stock, valued at approximately $216,000.

Several other hedge funds also recently added to or reduced their stakes in CTSH. Guardian Life Insurance Co. of America increased its stake in Cognizant Technology Solutions Corporation by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock valued at $140,000 after buying an additional 27 shares during the period. Assetmark Inc. increased its stake in Cognizant Technology Solutions Corporation by 24.2% in the first quarter. Assetmark Inc. now owns 2,592 shares of the information technology service provider’s stock valued at $154,000 after buying an additional 505 shares during the period. IFP Advisors Inc increased its stake in Cognizant Technology Solutions Corporation by 40.8% in the first quarter. IFP Advisors Inc now owns 2,696 shares of the information technology service provider’s stock valued at $160,000 after buying an additional 781 shares during the period. Acadian Asset Management LLC increased its stake in Cognizant Technology Solutions Corporation by 253.9% in the first quarter. Acadian Asset Management LLC now owns 3,231 shares of the information technology service provider’s stock valued at $192,000 after buying an additional 2,318 shares during the period. Finally, Advisory Services Network LLC bought a new stake in Cognizant Technology Solutions Corporation during the first quarter valued at about $192,000. Institutional investors own 89.21% of the company’s stock.

Shares of Cognizant Technology Solutions Corporation (NASDAQ CTSH) opened at 71.01 on Thursday. The company’s 50-day moving average price is $68.52 and its 200-day moving average price is $62.51. The company has a market capitalization of $41.82 billion, a price-to-earnings ratio of 25.83 and a beta of 1.17. Cognizant Technology Solutions Corporation has a 52-week low of $45.44 and a 52-week high of $71.57.

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

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 22nd will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 0.84%. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is currently 19.17%.

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Several analysts have recently issued reports on the company. Morgan Stanley upped their price target on Cognizant Technology Solutions Corporation from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, May 8th. Vetr upgraded Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating and set a $67.50 price target for the company in a research note on Friday, April 14th. Credit Suisse Group set a $80.00 price target on Cognizant Technology Solutions Corporation and gave the stock a “buy” rating in a research note on Friday, August 4th. They noted that the move was a valuation call. Pacific Crest restated an “overweight” rating and set a $75.00 target price (up previously from $73.00) on shares of Cognizant Technology Solutions Corporation in a research note on Thursday, June 1st. Finally, BidaskClub downgraded Cognizant Technology Solutions Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Cognizant Technology Solutions Corporation has a consensus rating of “Buy” and a consensus target price of $70.02.

In other news, COO Srinivasan Veeraraghavachary sold 2,500 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $71.00, for a total transaction of $177,500.00. Following the transaction, the chief operating officer now owns 27,165 shares of the company’s stock, valued at approximately $1,928,715. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allen Shaheen sold 4,186 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $67.56, for a total transaction of $282,806.16. Following the transaction, the executive vice president now directly owns 442 shares in the company, valued at approximately $29,861.52. The disclosure for this sale can be found here. Insiders have sold 77,528 shares of company stock worth $5,306,449 in the last ninety days. Insiders own 1.08% of the company’s stock.

Cognizant Technology Solutions Corporation Company 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.

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

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