Sienna Gestion Sells 10,591 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• Sienna Gestion has reduced its stake in Cognizant Technology Solutions by 9.6%, holding 99,212 shares valued at approximately $7.38 million after selling 10,591 shares.
• Several institutional investors have increased their investments in Cognizant Technology Solutions, with Ritholtz Wealth Management raising its holdings by 21% and Golden State Wealth Management increasing theirs by 290.9% in the same quarter.
• Analysts have mixed ratings on Cognizant Technology Solutions, with a consensus target price of $86.56 and recent changes including Barclays lowering its target from $103 to $90 while maintaining an "overweight" rating.

Sienna Gestion trimmed its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 9.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,212 shares of the information technology service provider's stock after selling 10,591 shares during the period. Sienna Gestion's holdings in Cognizant Technology Solutions were worth $7,378,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. E Fund Management Co. Ltd. grew its holdings in shares of Cognizant Technology Solutions by 45.2% during the first quarter. E Fund Management Co. Ltd. now owns 23,073 shares of the information technology service provider's stock valued at $1,765,000 after buying an additional 7,181 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Cognizant Technology Solutions by 11.2% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,915 shares of the information technology service provider's stock worth $1,064,000 after purchasing an additional 1,405 shares during the period. National Pension Service boosted its position in shares of Cognizant Technology Solutions by 3.6% during the 1st quarter. National Pension Service now owns 891,549 shares of the information technology service provider's stock worth $68,203,000 after purchasing an additional 31,391 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Cognizant Technology Solutions by 1.6% during the 1st quarter. Russell Investments Group Ltd. now owns 1,515,380 shares of the information technology service provider's stock worth $115,822,000 after purchasing an additional 23,572 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its position in shares of Cognizant Technology Solutions by 7.8% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 192,074 shares of the information technology service provider's stock worth $14,680,000 after purchasing an additional 13,925 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Analyst Upgrades and Downgrades

CTSH has been the topic of a number of research reports. Wall Street Zen lowered shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. TD Securities lifted their target price on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Cognizant Technology Solutions in a research note on Thursday, July 17th. They issued a "hold" rating and a $80.00 price objective for the company. Guggenheim raised shares of Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a research report on Friday, July 18th. Finally, Evercore ISI initiated coverage on shares of Cognizant Technology Solutions in a report on Thursday, July 17th. They issued an "outperform" rating and a $100.00 target price for the company. Thirteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $86.56.

Cognizant Technology Solutions Stock Up 0.9%

Shares of NASDAQ CTSH traded up $0.63 during midday trading on Friday, hitting $70.00. 3,538,845 shares of the stock traded hands, compared to its average volume of 4,640,384. The company has a market cap of $34.19 billion, a PE ratio of 14.23, a P/E/G ratio of 1.46 and a beta of 0.90. Cognizant Technology Solutions Corporation has a one year low of $65.52 and a one year high of $90.82. The business has a 50 day moving average price of $75.88 and a two-hundred day moving average price of $77.95. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.41 and a current ratio of 2.41.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The information technology service provider reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.05. The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.17 billion. Cognizant Technology Solutions had a net margin of 11.89% and a return on equity of 16.77%. The business's revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.17 EPS. On average, equities analysts predict that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Monday, August 18th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Monday, August 18th. Cognizant Technology Solutions's dividend payout ratio is 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.