Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Insider Sumithra Gomatam Sells 10,000 Shares

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) insider Sumithra Gomatam sold 10,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $69.75, for a total value of $697,500.00. Following the completion of the transaction, the insider now directly owns 24,445 shares of the company’s stock, valued at approximately $1,705,038.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) traded up 1.04% during midday trading on Wednesday, hitting $71.01. The stock had a trading volume of 3,718,561 shares. The stock has a 50-day moving average price of $68.24 and a 200 day moving average price of $62.18. Cognizant Technology Solutions Corporation has a 12-month low of $45.44 and a 12-month high of $71.57. The firm has a market cap of $41.82 billion, a P/E ratio of 25.83 and a beta of 1.17.

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

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 22nd will be paid a $0.15 dividend. The ex-dividend date is Friday, August 18th. This represents a $0.60 annualized dividend and a yield of 0.84%. Cognizant Technology Solutions Corporation’s payout ratio is currently 19.17%.

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Several equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $78.00 price objective (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a report on Wednesday. Zacks Investment Research raised Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a report on Tuesday. Berenberg Bank raised Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and boosted their price objective for the company from $65.00 to $85.00 in a report on Tuesday. BMO Capital Markets reissued a “buy” rating on shares of Cognizant Technology Solutions Corporation in a report on Friday, August 4th. Finally, Credit Suisse Group set a $80.00 price objective on Cognizant Technology Solutions Corporation and gave the company a “buy” rating in a report on Friday, August 4th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Cognizant Technology Solutions Corporation currently has a consensus rating of “Buy” and an average price target of $69.35.

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Cognizant Technology Solutions Corporation by 3,470.1% in the first quarter. BlackRock Inc. now owns 40,747,905 shares of the information technology service provider’s stock valued at $2,425,316,000 after buying an additional 39,606,526 shares during the last quarter. Comgest Global Investors S.A.S. purchased a new stake in Cognizant Technology Solutions Corporation during the first quarter valued at approximately $224,748,000. Thrivent Financial For Lutherans boosted its stake in Cognizant Technology Solutions Corporation by 11,666.2% in the first quarter. Thrivent Financial For Lutherans now owns 2,468,550 shares of the information technology service provider’s stock valued at $146,928,000 after buying an additional 2,447,570 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Cognizant Technology Solutions Corporation by 112.5% in the first quarter. Alliancebernstein L.P. now owns 4,487,749 shares of the information technology service provider’s stock valued at $267,111,000 after buying an additional 2,375,626 shares during the last quarter. Finally, SRS Investment Management LLC purchased a new stake in Cognizant Technology Solutions Corporation during the first quarter valued at approximately $134,797,000. 89.21% of the stock is owned by hedge funds and other institutional investors.

About Cognizant Technology Solutions Corporation

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.

Insider Buying and Selling by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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