State Board of Administration of Florida Retirement System Buys 6,381 Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH)

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State Board of Administration of Florida Retirement System grew its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 0.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 803,352 shares of the information technology service provider’s stock after acquiring an additional 6,381 shares during the period. State Board of Administration of Florida Retirement System owned 0.15% of Cognizant Technology Solutions worth $45,646,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. TCF National Bank lifted its holdings in shares of Cognizant Technology Solutions by 217.1% during the 2nd quarter. TCF National Bank now owns 15,014 shares of the information technology service provider’s stock valued at $951,000 after buying an additional 10,279 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Cognizant Technology Solutions by 13.8% in the first quarter. JPMorgan Chase & Co. now owns 911,279 shares of the information technology service provider’s stock worth $42,347,000 after buying an additional 110,717 shares in the last quarter. APG Asset Management N.V. raised its position in shares of Cognizant Technology Solutions by 81.6% in the first quarter. APG Asset Management N.V. now owns 690,869 shares of the information technology service provider’s stock worth $32,105,000 after buying an additional 310,406 shares in the last quarter. Chartwell Investment Partners LLC raised its position in shares of Cognizant Technology Solutions by 14.4% in the second quarter. Chartwell Investment Partners LLC now owns 46,134 shares of the information technology service provider’s stock worth $2,621,000 after buying an additional 5,798 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Cognizant Technology Solutions by 46.1% in the first quarter. Robeco Institutional Asset Management B.V. now owns 181,204 shares of the information technology service provider’s stock worth $8,421,000 after buying an additional 57,170 shares in the last quarter. 90.22% of the stock is owned by hedge funds and other institutional investors.

In other Cognizant Technology Solutions news, General Counsel Matthew W. Friedrich sold 459 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $54.62, for a total value of $25,070.58. Following the completion of the sale, the general counsel now owns 1,072 shares of the company’s stock, valued at $58,552.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Robert Telesmanic sold 812 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $67.50, for a total transaction of $54,810.00. Following the completion of the sale, the senior vice president now directly owns 9,684 shares of the company’s stock, valued at approximately $653,670. The disclosure for this sale can be found here. Insiders sold 12,746 shares of company stock worth $788,411 in the last 90 days. 0.31% of the stock is currently owned by insiders.

CTSH stock traded down $0.90 during midday trading on Friday, hitting $65.40. 56,865 shares of the stock traded hands, compared to its average volume of 2,756,401. The firm has a market cap of $36.27 billion, a P/E ratio of 22.40, a PEG ratio of 1.71 and a beta of 1.21. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.66 and a quick ratio of 2.66. The stock’s fifty day simple moving average is $62.50 and its 200-day simple moving average is $57.48. Cognizant Technology Solutions Corp has a 1-year low of $40.01 and a 1-year high of $71.48.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, July 29th. The information technology service provider reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.14. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.84 billion. Cognizant Technology Solutions had a net margin of 9.67% and a return on equity of 19.87%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period last year, the firm posted $0.94 earnings per share. On average, research analysts predict that Cognizant Technology Solutions Corp will post 3.56 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 21st will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.88 annualized dividend and a yield of 1.35%. Cognizant Technology Solutions’s payout ratio is 22.06%.

A number of equities research analysts recently issued reports on the company. Sanford C. Bernstein downgraded Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and set a $60.00 price objective on the stock. in a research report on Friday, May 8th. Royal Bank of Canada increased their target price on Cognizant Technology Solutions from $68.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Zacks Investment Research raised Cognizant Technology Solutions from a “sell” rating to a “hold” rating and set a $67.00 target price on the stock in a research note on Wednesday, July 29th. TheStreet raised Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a research note on Thursday, August 13th. Finally, Wells Fargo & Co increased their target price on Cognizant Technology Solutions from $70.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $67.14.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.

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

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