Allspring Global Investments Holdings LLC Sells 131,238 Shares of Cognizant Technology Solutions Corporation $CTSH

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Cognizant Technology Solutions by 48.2%, following the sale of 131,238 shares in the second quarter, leaving them with 140,829 shares valued at approximately $11.3 million.
• Analysts have downgraded Cognizant's stock rating, with Wall Street Zen moving it from a "buy" to a "hold," and JPMorgan decreasing its price target from $101.00 to $89.00.
• Cognizant Technology Solutions reported a quarterly earnings per share (EPS) of $1.31, exceeding expectations, with a revenue of $5.25 billion, marking an 8.1% increase year-over-year.

Allspring Global Investments Holdings LLC cut its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 48.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,829 shares of the information technology service provider's stock after selling 131,238 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Cognizant Technology Solutions were worth $11,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Conning Inc. grew its stake in shares of Cognizant Technology Solutions by 4.4% in the first quarter. Conning Inc. now owns 3,547 shares of the information technology service provider's stock worth $271,000 after purchasing an additional 149 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Cognizant Technology Solutions by 1.7% in the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 8,733 shares of the information technology service provider's stock worth $668,000 after purchasing an additional 149 shares during the last quarter. Private Trust Co. NA boosted its position in Cognizant Technology Solutions by 8.6% during the 1st quarter. Private Trust Co. NA now owns 1,913 shares of the information technology service provider's stock valued at $146,000 after acquiring an additional 151 shares in the last quarter. Cairn Investment Group Inc. boosted its position in Cognizant Technology Solutions by 0.3% during the 1st quarter. Cairn Investment Group Inc. now owns 54,755 shares of the information technology service provider's stock valued at $4,189,000 after acquiring an additional 172 shares in the last quarter. Finally, Allworth Financial LP boosted its position in Cognizant Technology Solutions by 7.1% during the 1st quarter. Allworth Financial LP now owns 2,803 shares of the information technology service provider's stock valued at $202,000 after acquiring an additional 186 shares in the last quarter. 92.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen cut Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Evercore ISI assumed coverage on Cognizant Technology Solutions in a research report on Thursday, July 17th. They set an "outperform" rating and a $100.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Cognizant Technology Solutions from $101.00 to $89.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 20th. Guggenheim raised Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price objective on the stock in a research report on Friday, July 18th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Cognizant Technology Solutions in a research report on Thursday, July 17th. They set a "hold" rating and a $80.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $86.79.

Cognizant Technology Solutions Stock Performance

Shares of CTSH opened at $66.08 on Friday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.04. The business's 50 day moving average price is $69.23 and its 200-day moving average price is $73.70. Cognizant Technology Solutions Corporation has a 52 week low of $65.15 and a 52 week high of $90.82. The stock has a market cap of $32.27 billion, a P/E ratio of 13.43, a P/E/G ratio of 1.37 and a beta of 0.95.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The information technology service provider reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.05. Cognizant Technology Solutions had a return on equity of 16.77% and a net margin of 11.89%.The firm had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.17 billion. During the same period in the previous year, the firm posted $1.17 EPS. The business's revenue for the quarter was up 8.1% compared to the same quarter last year. Cognizant Technology Solutions has set its FY 2025 guidance at 5.080-5.220 EPS. Q3 2025 guidance at EPS. Equities research analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Monday, August 18th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, August 18th. Cognizant Technology Solutions's payout ratio is presently 25.20%.

About Cognizant Technology Solutions

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, Health Sciences, Products and Resources, and Communications, Media and Technology.

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