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Bender Robert & Associates Decreases Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Financial News Live · Sep 26, 2022 17:12

Bender Robert & Associates lowered its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) by 2.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 18,898 shares of the information technology service provider's stock after selling 465 shares during the quarter. Cognizant Technology Solutions comprises 0.5% of Bender Robert & Associates' investment portfolio, making the stock its 29th largest holding. Bender Robert & Associates' holdings in Cognizant Technology Solutions were worth $1,275,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Cornerstone Advisory LLC purchased a new stake in Cognizant Technology Solutions in the 4th quarter worth about $27,000. Hardy Reed LLC purchased a new position in Cognizant Technology Solutions during the 1st quarter valued at about $27,000. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Cognizant Technology Solutions by 1,433.3% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 460 shares of the information technology service provider's stock valued at $41,000 after buying an additional 430 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in Cognizant Technology Solutions by 44.4% during the 1st quarter. AdvisorNet Financial Inc now owns 478 shares of the information technology service provider's stock valued at $43,000 after buying an additional 147 shares in the last quarter. Finally, Valley National Advisers Inc. grew its holdings in Cognizant Technology Solutions by 101.3% during the 1st quarter. Valley National Advisers Inc. now owns 481 shares of the information technology service provider's stock valued at $43,000 after buying an additional 242 shares in the last quarter. Hedge funds and other institutional investors own 90.67% of the company's stock.

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Cognizant Technology Solutions Price Performance

NASDAQ:CTSH traded down $0.14 during mid-day trading on Monday, reaching $58.71. The stock had a trading volume of 96,839 shares, compared to its average volume of 3,115,825. The firm has a 50 day moving average price of $65.95 and a two-hundred day moving average price of $73.61. The stock has a market capitalization of $30.40 billion, a P/E ratio of 13.70, a P/E/G ratio of 1.18 and a beta of 1.06. Cognizant Technology Solutions Co. has a one year low of $58.13 and a one year high of $93.47. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.23 and a current ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology service provider reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.05. The company had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.92 billion. Cognizant Technology Solutions had a return on equity of 19.36% and a net margin of 11.74%. Cognizant Technology Solutions's quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 EPS. As a group, analysts expect that Cognizant Technology Solutions Co. will post 4.55 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 30th. Shareholders of record on Friday, August 19th were given a $0.27 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $1.08 annualized dividend and a yield of 1.84%. Cognizant Technology Solutions's payout ratio is currently 25.06%.

Insider Buying and Selling at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, Director Zein Abdalla sold 4,368 shares of the business's stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $65.44, for a total value of $285,841.92. Following the completion of the sale, the director now owns 13,556 shares in the company, valued at $887,104.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CTSH shares. Cowen lowered Cognizant Technology Solutions to a "market perform" rating and reduced their target price for the company from $86.00 to $75.00 in a report on Thursday, July 28th. UBS Group reduced their target price on Cognizant Technology Solutions from $89.00 to $76.00 and set a "neutral" rating for the company in a report on Thursday, July 28th. Robert W. Baird dropped their price target on Cognizant Technology Solutions from $78.00 to $76.00 and set an "outperform" rating for the company in a research report on Thursday. JPMorgan Chase & Co. downgraded Cognizant Technology Solutions from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $82.00 to $77.00 in a research report on Thursday, July 28th. Finally, Barclays dropped their price target on Cognizant Technology Solutions from $80.00 to $55.00 and set an "underweight" rating for the company in a research report on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $83.13.

Cognizant Technology Solutions Company Profile

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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; Healthcare; Products and Resources; and Communications, Media and Technology.