Thrivent Financial for Lutherans Reduces Position in Cognizant Technology Solutions Corp (CTSH)

Thrivent Financial for Lutherans decreased its position in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 93.3% during the fourth quarter, Holdings Channel reports. The fund owned 20,980 shares of the information technology service provider’s stock after selling 293,910 shares during the period. Thrivent Financial for Lutherans’ holdings in Cognizant Technology Solutions Corp were worth $1,176,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its position in Cognizant Technology Solutions Corp by 190.9% in the fourth quarter. Franklin Resources Inc. now owns 12,383,985 shares of the information technology service provider’s stock worth $693,948,000 after buying an additional 8,126,603 shares in the last quarter. Highfields Capital Management LP acquired a new position in Cognizant Technology Solutions Corp during the fourth quarter worth approximately $253,215,000. Edgewood Management LLC increased its position in Cognizant Technology Solutions Corp by 25.3% in the fourth quarter. Edgewood Management LLC now owns 14,149,600 shares of the information technology service provider’s stock worth $792,802,000 after buying an additional 2,860,888 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in Cognizant Technology Solutions Corp during the fourth quarter worth approximately $159,356,000. Finally, Scharf Investments LLC acquired a new position in Cognizant Technology Solutions Corp during the fourth quarter worth approximately $153,968,000. 85.63% of the stock is owned by institutional investors and hedge funds.

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

Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) opened at 58.98 on Tuesday. The company has a market capitalization of $35.90 billion, a PE ratio of 23.13 and a beta of 1.28. The company’s 50 day moving average is $57.37 and its 200-day moving average is $55.17. Cognizant Technology Solutions Corp has a 52 week low of $45.44 and a 52 week high of $63.23.

Cognizant Technology Solutions Corp (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, February 8th. The information technology service provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.01. The business had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.49 billion. Cognizant Technology Solutions Corp had a return on equity of 18.83% and a net margin of 11.52%. Cognizant Technology Solutions Corp’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.80 earnings per share. On average, analysts expect that Cognizant Technology Solutions Corp will post $3.65 EPS for the current fiscal year.

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A number of equities analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $67.00 price objective on shares of Cognizant Technology Solutions Corp in a report on Friday, February 10th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $63.00 price objective on shares of Cognizant Technology Solutions Corp in a report on Wednesday, November 30th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Cognizant Technology Solutions Corp in a report on Tuesday, November 29th. Vetr downgraded shares of Cognizant Technology Solutions Corp from a “strong-buy” rating to a “buy” rating and set a $63.32 price objective for the company. in a report on Tuesday, December 27th. Finally, Zacks Investment Research downgraded shares of Cognizant Technology Solutions Corp from a “hold” rating to a “sell” rating in a report on Tuesday, February 7th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $61.84.

In other news, CFO Karen Mcloughlin sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $58.80, for a total transaction of $294,000.00. Following the sale, the chief financial officer now directly owns 35,741 shares in the company, valued at $2,101,570.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Venkat Krishnaswamy sold 9,243 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $59.21, for a total value of $547,278.03. Following the sale, the executive vice president now owns 28,410 shares in the company, valued at $1,682,156.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,548 shares of company stock worth $979,255. 0.81% of the stock is currently owned by company insiders.

Cognizant Technology Solutions Corp Company Profile

Cognizant Technology Solutions Corporation is a provider of information technology (IT), consulting and business process services. The Company operates through four segments: Financial Services, which includes customers providing banking/transaction processing, capital markets and insurance services; Healthcare, which includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies; Manufacturing, Retail and Logistics, which includes manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services, and Other, which includes communications, manufacturing/retail/logistics, and high technology.

5 Day Chart for NASDAQ:CTSH

Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Corp (NASDAQ:CTSH).

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