Pitcairn Co. reduced its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 63.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,211 shares of the information technology service provider’s stock after selling 19,194 shares during the period. Pitcairn Co.’s holdings in Cognizant Technology Solutions Corporation were worth $745,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Guardian Life Insurance Co. of America increased its stake in shares of 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 shares of 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 shares of 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 shares of 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 purchased a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at about $192,000. 89.21% of the stock is owned by institutional investors.

Shares of Cognizant Technology Solutions Corporation (CTSH) opened at 70.61 on Friday. The company has a market capitalization of $41.70 billion, a PE ratio of 22.65 and a beta of 1.17. The firm has a 50-day moving average price of $68.68 and a 200-day moving average price of $62.67. Cognizant Technology Solutions Corporation has a 1-year low of $45.44 and a 1-year high of $71.57.

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

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Tuesday, August 22nd will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend is Friday, August 18th. Cognizant Technology Solutions Corporation’s payout ratio is presently 19.17%.

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Several analysts have issued reports on CTSH shares. Credit Suisse Group set a $70.00 price objective on shares of Cognizant Technology Solutions Corporation and gave the company a “buy” rating in a research report on Saturday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 price objective (up previously from $65.00) on shares of Cognizant Technology Solutions Corporation in a research report on Friday, May 5th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Cognizant Technology Solutions Corporation in a research report on Friday, May 5th. Vetr downgraded shares of Cognizant Technology Solutions Corporation from a “strong-buy” rating to a “buy” rating and set a $67.50 price target for the company. in a research report on Monday, May 1st. Finally, Deutsche Bank AG reissued a “buy” rating and set a $79.00 price target on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, May 31st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $70.02.

In other news, insider Sean Middleton sold 1,890 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $65.00, for a total transaction of $122,850.00. Following the sale, the insider now owns 2,108 shares in the company, valued at $137,020. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Srinivasan Veeraraghavachary sold 3,069 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $65.00, for a total value of $199,485.00. Following the sale, the chief operating officer now owns 24,737 shares in the company, valued at approximately $1,607,905. 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 90 days. Company insiders own 1.08% of the company’s stock.

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.

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

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