New England Research & Management Inc. Sells 5,100 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

New England Research & Management Inc. decreased its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 49.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,176 shares of the information technology service provider’s stock after selling 5,100 shares during the period. New England Research & Management Inc.’s holdings in Cognizant Technology Solutions were worth $399,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. 1620 Investment Advisors Inc. purchased a new position in shares of Cognizant Technology Solutions during the second quarter valued at approximately $25,000. LRI Investments LLC purchased a new position in shares of Cognizant Technology Solutions during the first quarter valued at approximately $28,000. Neo Ivy Capital Management purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $40,000. Benjamin Edwards Inc. boosted its position in shares of Cognizant Technology Solutions by 42.1% during the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock valued at $36,000 after buying an additional 158 shares during the last quarter. Finally, Unique Wealth Strategies LLC purchased a new position in shares of Cognizant Technology Solutions during the second quarter valued at approximately $40,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the transaction, the chief executive officer now directly owns 46,427 shares in the company, valued at approximately $3,419,812.82. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded down $1.14 during midday trading on Monday, reaching $76.00. 1,584,662 shares of the company traded hands, compared to its average volume of 3,884,729. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a 12 month low of $62.14 and a 12 month high of $80.27. The firm has a market capitalization of $37.79 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.05. The firm’s fifty day moving average price is $75.89 and its two-hundred day moving average price is $71.37.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.10 EPS. On average, equities analysts expect that Cognizant Technology Solutions Co. will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were paid a $0.30 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a yield of 1.58%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price objective on the stock. Robert W. Baird boosted their price objective on Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Royal Bank of Canada boosted their price objective on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 28th. Finally, Bank of America raised Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $77.44.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.