Forsta AP Fonden Sells 11,000 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Forsta AP Fonden decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 9.1% during the second quarter, HoldingsChannel.com reports. The firm owned 109,458 shares of the information technology service provider’s stock after selling 11,000 shares during the quarter. Forsta AP Fonden’s holdings in Cognizant Technology Solutions were worth $7,443,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. 1620 Investment Advisors Inc. bought a new position in shares of Cognizant Technology Solutions in the second quarter worth approximately $25,000. LRI Investments LLC purchased a new position in Cognizant Technology Solutions in the 1st quarter worth approximately $28,000. Neo Ivy Capital Management bought a new position in Cognizant Technology Solutions in the 4th quarter valued at approximately $40,000. Unique Wealth Strategies LLC bought a new stake in shares of Cognizant Technology Solutions in the 2nd quarter worth $40,000. Finally, Rothschild Investment LLC purchased a new position in shares of Cognizant Technology Solutions in the second quarter worth $41,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Mizuho reaffirmed a “neutral” rating and set a $82.00 price objective on shares of Cognizant Technology Solutions in a research report on Tuesday, June 11th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $76.00 price target on shares of Cognizant Technology Solutions in a research note on Thursday. Daiwa America upgraded shares of Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. Jefferies Financial Group began coverage on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 target price for the company. Finally, Barclays increased their price target on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Cognizant Technology Solutions currently has a consensus rating of “Hold” and a consensus target price of $77.44.

Insider Activity

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the sale, the chief executive officer now owns 46,427 shares in the company, valued at $3,419,812.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions Stock Up 1.2 %

Shares of CTSH stock opened at $77.21 on Friday. The company has a market capitalization of $38.27 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.14 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46. The company’s fifty day moving average price is $74.67 and its 200-day moving average price is $71.53. Cognizant Technology Solutions Co. has a one year low of $62.14 and a one year high of $80.27.

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

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.20 annualized dividend and a dividend yield of 1.55%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 28.85%.

Cognizant Technology Solutions Company 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.