Westfield Capital Management Co. LP Cuts Position in Cognizant Technology Solutions Corporation (CTSH)

Westfield Capital Management Co. LP cut its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 7.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 868,016 shares of the information technology service provider’s stock after selling 74,048 shares during the period. Westfield Capital Management Co. LP owned about 0.15% of Cognizant Technology Solutions Corporation worth $57,636,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Guardian Life Insurance Co. of America grew its position in Cognizant Technology Solutions Corporation by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock worth $140,000 after acquiring an additional 27 shares in the last quarter. Assetmark Inc. grew its position in Cognizant Technology Solutions Corporation by 24.2% in the first quarter. Assetmark Inc. now owns 2,592 shares of the information technology service provider’s stock worth $154,000 after acquiring an additional 505 shares in the last quarter. Manchester Capital Management LLC grew its position in Cognizant Technology Solutions Corporation by 15.7% in the second quarter. Manchester Capital Management LLC now owns 2,728 shares of the information technology service provider’s stock worth $181,000 after acquiring an additional 370 shares in the last quarter. Acadian Asset Management LLC grew its position in Cognizant Technology Solutions Corporation by 253.9% in the first quarter. Acadian Asset Management LLC now owns 3,231 shares of the information technology service provider’s stock worth $192,000 after acquiring an additional 2,318 shares in the last quarter. Finally, First National Trust Co. purchased a new position in Cognizant Technology Solutions Corporation in the second quarter worth $207,000. Institutional investors own 87.64% of the company’s stock.

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In other Cognizant Technology Solutions Corporation news, COO Srinivasan Veeraraghavachary sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $73.00, for a total value of $182,500.00. Following the completion of the sale, the chief operating officer now directly owns 24,459 shares of the company’s stock, valued at approximately $1,785,507. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Rajeev Mehta sold 34,437 shares of the business’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $72.54, for a total transaction of $2,498,059.98. Following the completion of the sale, the president now directly owns 170,063 shares of the company’s stock, valued at $12,336,370.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 282,267 shares of company stock valued at $20,127,629. 1.08% of the stock is owned by corporate insiders.

CTSH has been the subject of several research reports. Deutsche Bank AG reiterated a “buy” rating and issued a $79.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, May 31st. Bank of America Corporation reiterated a “buy” rating and issued a $86.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Tuesday, September 12th. HSBC Holdings plc lowered shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and upped their target price for the stock from $65.00 to $68.00 in a research report on Thursday, June 8th. Pacific Crest reiterated an “overweight” rating and issued a $75.00 target price (up from $73.00) on shares of Cognizant Technology Solutions Corporation in a research report on Thursday, June 1st. Finally, Cowen and Company reiterated a “buy” rating and issued a $75.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Friday, July 28th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $72.30.

Cognizant Technology Solutions Corporation (CTSH) traded up 0.11% during trading on Friday, reaching $71.82. 3,927,830 shares of the company were exchanged. Cognizant Technology Solutions Corporation has a 1-year low of $45.44 and a 1-year high of $73.00. The company’s 50-day moving average price is $70.58 and its 200-day moving average price is $65.16. The stock has a market capitalization of $42.42 billion, a P/E ratio of 23.04 and a beta of 1.14.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its quarterly earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.11. Cognizant Technology Solutions Corporation had a net margin of 13.36% and a return on equity of 18.72%. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same period in the previous year, the company earned $0.87 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities analysts forecast that Cognizant Technology Solutions Corporation will post $3.70 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 22nd were paid a dividend of $0.15 per share. The ex-dividend date was Friday, August 18th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.84%. Cognizant Technology Solutions Corporation’s dividend payout ratio is presently 19.17%.

Cognizant Technology Solutions Corporation Profile

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

Institutional Ownership by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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