Skandinaviska Enskilda Banken AB publ Reduces Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Skandinaviska Enskilda Banken AB publ lowered its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 72.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 100,258 shares of the information technology service provider’s stock after selling 265,246 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Cognizant Technology Solutions were worth $6,818,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Benjamin Edwards Inc. lifted its holdings in Cognizant Technology Solutions by 42.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock worth $36,000 after buying an additional 158 shares during the period. Unison Advisors LLC raised its position in shares of Cognizant Technology Solutions by 0.6% in the 1st quarter. Unison Advisors LLC now owns 29,226 shares of the information technology service provider’s stock worth $2,142,000 after acquiring an additional 172 shares in the last quarter. Choate Investment Advisors raised its position in shares of Cognizant Technology Solutions by 0.4% in the 1st quarter. Choate Investment Advisors now owns 48,552 shares of the information technology service provider’s stock worth $3,558,000 after acquiring an additional 180 shares in the last quarter. Lederer & Associates Investment Counsel CA raised its position in shares of Cognizant Technology Solutions by 1.5% in the 1st quarter. Lederer & Associates Investment Counsel CA now owns 12,917 shares of the information technology service provider’s stock worth $947,000 after acquiring an additional 190 shares in the last quarter. Finally, First Personal Financial Services raised its position in shares of Cognizant Technology Solutions by 0.6% in the 2nd quarter. First Personal Financial Services now owns 34,893 shares of the information technology service provider’s stock worth $2,373,000 after acquiring an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CTSH shares. Barclays increased their target price on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Daiwa America raised Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. The Goldman Sachs Group reissued a “neutral” rating and issued a $76.00 target price on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Royal Bank of Canada raised their price objective 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. Finally, Jefferies Financial Group initiated coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a “buy” rating and a $90.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $77.44.

Cognizant Technology Solutions Stock Up 0.6 %

Cognizant Technology Solutions stock opened at $75.64 on Friday. The firm has a market cap of $37.61 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 2.14 and a beta of 1.05. The stock has a fifty day simple moving average of $75.40 and a two-hundred day simple moving average of $71.38. 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.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) 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 the consensus estimate 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 revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the business posted $1.10 EPS. Equities analysts predict that Cognizant Technology Solutions Co. will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.59%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 28.85%.

Insider Transactions at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the transaction, the chief executive officer now directly owns 46,427 shares in the company, valued at approximately $3,419,812.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.26% of the company’s stock.

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.