Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Freedom Investment Management Inc.

Freedom Investment Management Inc. reduced its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 16.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 3,386 shares of the information technology service provider’s stock after selling 684 shares during the period. Freedom Investment Management Inc.’s holdings in Cognizant Technology Solutions were worth $261,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Townsquare Capital LLC increased its stake in Cognizant Technology Solutions by 19.1% in the third quarter. Townsquare Capital LLC now owns 20,701 shares of the information technology service provider’s stock valued at $1,598,000 after purchasing an additional 3,324 shares during the period. Transamerica Financial Advisors Inc. lifted its position in Cognizant Technology Solutions by 56.9% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 2,412 shares of the information technology service provider’s stock worth $187,000 after acquiring an additional 875 shares during the period. Avestar Capital LLC grew its stake in shares of Cognizant Technology Solutions by 12.5% in the 3rd quarter. Avestar Capital LLC now owns 6,594 shares of the information technology service provider’s stock valued at $509,000 after purchasing an additional 735 shares during the last quarter. Qsemble Capital Management LP purchased a new position in shares of Cognizant Technology Solutions in the 3rd quarter valued at approximately $335,000. Finally, Bank of Montreal Can raised its stake in shares of Cognizant Technology Solutions by 29.7% during the third quarter. Bank of Montreal Can now owns 2,748,982 shares of the information technology service provider’s stock worth $211,369,000 after purchasing an additional 628,970 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Shares of CTSH opened at $80.49 on Monday. The company has a market capitalization of $39.91 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.22 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $82.41. The company’s 50 day simple moving average is $77.45 and its 200 day simple moving average is $73.78.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.10. The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The business’s revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 earnings per share. On average, sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.49%. Cognizant Technology Solutions’s payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

CTSH has been the topic of several recent research reports. StockNews.com cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. The Goldman Sachs Group reissued a “neutral” rating and set a $76.00 price target on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. JPMorgan Chase & Co. lifted their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. TD Cowen increased their target price on Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research note on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and a consensus target price of $79.47.

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.