Bank of New York Mellon Corp Trims Stake in Cognizant Technology Solutions Corporation $CTSH

Bank of New York Mellon Corp cut its holdings in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 7.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,080,588 shares of the information technology service provider’s stock after selling 751,145 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cognizant Technology Solutions were worth $609,035,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hilltop National Bank acquired a new position in Cognizant Technology Solutions in the second quarter valued at about $27,000. NewSquare Capital LLC lifted its holdings in shares of Cognizant Technology Solutions by 71.8% in the 2nd quarter. NewSquare Capital LLC now owns 366 shares of the information technology service provider’s stock worth $29,000 after acquiring an additional 153 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. boosted its position in shares of Cognizant Technology Solutions by 267.7% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 603 shares of the information technology service provider’s stock worth $40,000 after purchasing an additional 439 shares during the period. Root Financial Partners LLC acquired a new stake in Cognizant Technology Solutions in the 3rd quarter valued at approximately $41,000. Finally, Geneos Wealth Management Inc. raised its position in Cognizant Technology Solutions by 118.8% in the first quarter. Geneos Wealth Management Inc. now owns 569 shares of the information technology service provider’s stock valued at $44,000 after purchasing an additional 309 shares during the period. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CTSH. Susquehanna reaffirmed a “positive” rating and issued a $98.00 price objective on shares of Cognizant Technology Solutions in a research note on Friday, January 23rd. Royal Bank Of Canada cut their price target on shares of Cognizant Technology Solutions from $93.00 to $82.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 30th. Guggenheim reissued a “buy” rating and issued a $100.00 price objective (up previously from $95.00) on shares of Cognizant Technology Solutions in a research note on Wednesday. The Goldman Sachs Group restated a “neutral” rating and issued a $84.00 price objective on shares of Cognizant Technology Solutions in a report on Wednesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Monday. Nine analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $90.17.

Insider Transactions at Cognizant Technology Solutions

In related news, CAO John Sunshin Kim sold 2,500 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $80.00, for a total transaction of $200,000.00. Following the completion of the transaction, the chief accounting officer owned 36,149 shares in the company, valued at approximately $2,891,920. The trade was a 6.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael Patsalos-Fox sold 2,000 shares of the firm’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $84.23, for a total value of $168,460.00. Following the completion of the sale, the director owned 29,729 shares in the company, valued at approximately $2,504,073.67. This represents a 6.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 27,706 shares of company stock valued at $2,317,281. Insiders own 0.32% of the company’s stock.

Cognizant Technology Solutions Stock Down 1.6%

CTSH stock opened at $83.30 on Thursday. The company’s 50 day moving average price is $82.47 and its 200 day moving average price is $74.83. The firm has a market capitalization of $40.20 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 1.62 and a beta of 0.96. Cognizant Technology Solutions Corporation has a fifty-two week low of $65.15 and a fifty-two week high of $90.82. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.36 and a current ratio of 2.36.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly 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 net margin of 10.20% and a return on equity of 17.00%. The company had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. On average, equities research analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

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.