Cognizant Technology Solutions Corporation $CTSH Stock Sold by Alps Advisors Inc.

Key Points

• Alps Advisors cut its Cognizant stake by 32.7% in the third quarter, selling 73,892 shares and retaining 152,252 shares valued at about $8.7 million.
• Analyst sentiment is mixed: 10 analysts rate CTSH a Buy and 14 a Hold, with a consensus price target of $68.17.
• Cognizant beat quarterly estimates, reporting EPS of $1.49 and revenue of $5.66 billion, up 4.6% year over year; it also declared a $0.33 quarterly dividend.

Alps Advisors Inc. cut its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 32.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 152,252 shares of the information technology service provider's stock after selling 73,892 shares during the quarter. Alps Advisors Inc.'s holdings in Cognizant Technology Solutions were worth $8,745,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CTSH. Heritage Family Offices LLP acquired a new position in Cognizant Technology Solutions in the 3rd quarter valued at $29,000. Calamos Advisors LLC grew its position in shares of Cognizant Technology Solutions by 2.1% in the third quarter. Calamos Advisors LLC now owns 124,864 shares of the information technology service provider's stock valued at $7,172,000 after purchasing an additional 2,526 shares during the period. Alta Advisers Ltd acquired a new position in Cognizant Technology Solutions in the third quarter valued at $209,000. Kestra Advisory Services LLC increased its stake in Cognizant Technology Solutions by 71.6% in the third quarter. Kestra Advisory Services LLC now owns 11,513 shares of the information technology service provider's stock valued at $661,000 after purchasing an additional 4,803 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in Cognizant Technology Solutions by 8.6% during the third quarter. Commonwealth Equity Services LLC now owns 35,489 shares of the information technology service provider's stock worth $2,038,000 after buying an additional 2,807 shares during the period. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTSH has been the topic of a number of research analyst reports. Needham & Company LLC set a $78.00 price target on Cognizant Technology Solutions in a research note on Monday, October 26th. Citigroup restated a "neutral" rating on shares of Cognizant Technology Solutions in a report on Monday, October 19th. JPMorgan Chase & Co. upped their price objective on shares of Cognizant Technology Solutions from $67.00 to $78.00 and gave the company an "overweight" rating in a research note on Monday, October 26th. Mizuho set a $69.00 price objective on shares of Cognizant Technology Solutions in a report on Monday, November 2nd. Finally, Guggenheim reiterated a "buy" rating and set a $80.00 price objective (up from $65.00) on shares of Cognizant Technology Solutions in a report on Tuesday, October 27th. Ten research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $68.17.

Cognizant Technology Solutions Trading Down 2.7%

CTSH stock opened at $64.72 on Friday. The company has a market cap of $29.15 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 1.28 and a beta of 0.83. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $62.46 and a 200-day simple moving average of $58.80. Cognizant Technology Solutions Corporation has a 52 week low of $37.08 and a 52 week high of $87.03.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Thursday, October 29th. The information technology service provider reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.03. The firm had revenue of $5.66 billion for the quarter, compared to analysts' expectations of $5.64 billion. Cognizant Technology Solutions had a return on equity of 17.72% and a net margin of 11.75%. The firm's revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.39 earnings per share. On average, equities research analysts expect that Cognizant Technology Solutions Corporation will post 5.78 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Friday, November 13th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 13th. Cognizant Technology Solutions's dividend payout ratio is 24.09%.

Cognizant Technology Solutions Company Profile

Cognizant Technology Solutions is a professional services company that helps businesses use technology to modernize operations and develop digital capabilities. Its services include IT consulting, application development and maintenance, cloud and infrastructure services, data and artificial intelligence, engineering, and business process services.

The company serves clients across industries including financial services, healthcare, manufacturing, communications, media, and retail. Its operations span North America, Europe, and Asia-Pacific, with a significant global delivery network.

Cognizant was established in 1994 as a technology unit of Dun & Bradstreet and became an independent company in 1996.

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