Envestnet Asset Management Inc. Has $36.40 Million Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Envestnet Asset Management Inc. cut its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 535,322 shares of the information technology service provider’s stock after selling 30,996 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.11% of Cognizant Technology Solutions worth $36,402,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Cognizant Technology Solutions by 17.0% during the 4th quarter. Vanguard Group Inc. now owns 51,111,915 shares of the information technology service provider’s stock worth $3,860,483,000 after purchasing an additional 7,445,089 shares during the last quarter. Cibc World Market Inc. increased its holdings in shares of Cognizant Technology Solutions by 19,850.5% during the second quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock worth $205,096,000 after purchasing an additional 3,000,996 shares during the period. Pzena Investment Management LLC raised its position in shares of Cognizant Technology Solutions by 11.7% in the second quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock valued at $1,265,473,000 after buying an additional 1,943,127 shares in the last quarter. Cibc World Markets Corp boosted its stake in shares of Cognizant Technology Solutions by 1,861.7% in the fourth quarter. Cibc World Markets Corp now owns 1,686,597 shares of the information technology service provider’s stock valued at $127,389,000 after buying an additional 1,600,621 shares during the period. Finally, KBC Group NV grew its position in Cognizant Technology Solutions by 2,083.8% during the fourth quarter. KBC Group NV now owns 1,422,912 shares of the information technology service provider’s stock worth $107,473,000 after buying an additional 1,357,755 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $75.64 on Friday. The business’s 50-day moving average price is $75.40 and its 200-day moving average price is $71.43. Cognizant Technology Solutions Co. has a 12 month low of $62.14 and a 12 month high of $80.27. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $37.61 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 2.14 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted 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 firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.10 EPS. Equities research analysts forecast that Cognizant Technology Solutions Co. will post 4.62 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Insiders Place Their Bets

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the 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 sale, the chief executive officer now owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on CTSH shares. Royal Bank of Canada upped their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 28th. Daiwa America raised shares of Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. StockNews.com lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Saturday. Robert W. Baird upped their price target on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Jefferies Financial Group started coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $77.44.

About Cognizant Technology Solutions

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.