Alta Capital Management LLC Has $44.50 Million Stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Alta Capital Management LLC lowered its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 670,219 shares of the information technology service provider’s stock after selling 23,963 shares during the period. Cognizant Technology Solutions Corporation makes up about 3.0% of Alta Capital Management LLC’s portfolio, making the stock its 13th largest position. Alta Capital Management LLC owned approximately 0.11% of Cognizant Technology Solutions Corporation worth $44,502,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CTSH. BlackRock Inc. increased 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 worth $2,425,316,000 after buying an additional 39,606,526 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Cognizant Technology Solutions Corporation by 3.5% in the first quarter. Vanguard Group Inc. now owns 40,545,109 shares of the information technology service provider’s stock worth $2,413,246,000 after buying an additional 1,379,271 shares during the period. State Street Corp boosted its stake in shares of Cognizant Technology Solutions Corporation by 1.8% in the first quarter. State Street Corp now owns 24,267,262 shares of the information technology service provider’s stock worth $1,444,391,000 after buying an additional 435,142 shares during the period. Edgewood Management LLC boosted its stake in shares of Cognizant Technology Solutions Corporation by 3.9% in the first quarter. Edgewood Management LLC now owns 14,706,635 shares of the information technology service provider’s stock worth $875,339,000 after buying an additional 557,035 shares during the period. Finally, FMR LLC boosted its stake in shares of Cognizant Technology Solutions Corporation by 2.3% in the first quarter. FMR LLC now owns 13,803,392 shares of the information technology service provider’s stock worth $821,576,000 after buying an additional 314,137 shares during the period. Institutional investors and hedge funds own 89.21% of the company’s stock.

Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) opened at 71.01 on Thursday. Cognizant Technology Solutions Corporation has a 52 week low of $45.44 and a 52 week high of $71.57. The firm has a 50 day moving average of $68.52 and a 200 day moving average of $62.51. The firm has a market cap of $41.82 billion, a price-to-earnings ratio of 25.83 and a beta of 1.17.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its quarterly earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.11. The company 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%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.87 earnings per share. Equities analysts predict that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current fiscal year.

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

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A number of analysts recently weighed in on the stock. Credit Suisse Group set a $70.00 price target on shares of Cognizant Technology Solutions Corporation and gave the stock a “buy” rating in a research report on Saturday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $78.00 price target (up from $72.00) on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday. BMO Capital Markets reaffirmed a “buy” rating and set a $76.00 price target (up from $69.00) on shares of Cognizant Technology Solutions Corporation in a research report on Friday, August 4th. Zacks Investment Research raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a research report on Tuesday. Finally, Berenberg Bank raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and upped their price target for the stock from $65.00 to $85.00 in a research report on Tuesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Cognizant Technology Solutions Corporation presently has a consensus rating of “Buy” and an average price target of $70.02.

In other Cognizant Technology Solutions Corporation news, EVP James Patrick Lennox sold 7,315 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $69.69, for a total transaction of $509,782.35. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sean Middleton sold 1,460 shares of the company’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $67.39, for a total transaction of $98,389.40. Following the sale, the insider now directly owns 2,308 shares in the company, valued at $155,536.12. The disclosure for this sale can be found here. In the last three months, insiders sold 77,528 shares of company stock worth $5,306,449. 1.08% of the stock is currently owned by insiders.

Cognizant Technology Solutions Corporation Company 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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