Psagot Investment House Ltd. Lowers Position in Cognizant Technology Solutions Corp (CTSH)

Psagot Investment House Ltd. Lowers Position in Cognizant Technology Solutions Corp (CTSH)

Psagot Investment House Ltd. reduced its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 14.0% during the fourth quarter, Holdings Channel reports. The fund owned 57,970 shares of the information technology service provider’s stock after selling 9,410 shares during the period. Psagot Investment House Ltd.’s holdings in Cognizant Technology Solutions Corp were worth $3,248,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. LS Investment Advisors LLC increased its stake in Cognizant Technology Solutions Corp by 0.3% in the second quarter. LS Investment Advisors LLC now owns 13,412 shares of the information technology service provider’s stock valued at $768,000 after buying an additional 46 shares in the last quarter. American Century Companies Inc. increased its stake in Cognizant Technology Solutions Corp by 4.4% in the second quarter. American Century Companies Inc. now owns 5,859,319 shares of the information technology service provider’s stock valued at $335,387,000 after buying an additional 247,162 shares in the last quarter. Alps Advisors Inc. increased its stake in Cognizant Technology Solutions Corp by 26.3% in the second quarter. Alps Advisors Inc. now owns 9,289 shares of the information technology service provider’s stock valued at $532,000 after buying an additional 1,936 shares in the last quarter. ING Groep NV increased its stake in Cognizant Technology Solutions Corp by 122.7% in the second quarter. ING Groep NV now owns 65,884 shares of the information technology service provider’s stock valued at $3,768,000 after buying an additional 36,295 shares in the last quarter. Finally, First National Trust Co. bought a new stake in Cognizant Technology Solutions Corp during the second quarter valued at approximately $236,000. 84.60% of the stock is owned by institutional investors and hedge funds.

Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) traded up 0.32% during mid-day trading on Friday, reaching $56.45. The company had a trading volume of 1,254,598 shares. The company’s 50-day moving average is $56.63 and its 200 day moving average is $55.35. The stock has a market capitalization of $34.25 billion, a P/E ratio of 22.05 and a beta of 1.33. Cognizant Technology Solutions Corp has a 52-week low of $45.44 and a 52-week high of $63.43.

Cognizant Technology Solutions Corp (NASDAQ:CTSH) last posted its quarterly earnings results on Monday, November 7th. The information technology service provider reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.02. The firm had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.46 billion. Cognizant Technology Solutions Corp had a net margin of 11.78% and a return on equity of 19.42%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.76 earnings per share. Analysts anticipate that Cognizant Technology Solutions Corp will post $3.35 EPS for the current fiscal year.

CTSH has been the subject of several analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $61.00 price objective (down from $66.00) on shares of Cognizant Technology Solutions Corp in a research note on Sunday, October 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $68.00 price objective on shares of Cognizant Technology Solutions Corp in a research note on Sunday, October 2nd. Jefferies Group LLC reduced their price objective on Cognizant Technology Solutions Corp from $70.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 10th. Vetr downgraded Cognizant Technology Solutions Corp from a “strong-buy” rating to a “buy” rating and set a $60.28 price objective for the company. in a research note on Monday, November 7th. Finally, Pacific Crest set a $67.00 price objective on Cognizant Technology Solutions Corp and gave the company a “buy” rating in a research note on Monday, October 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company. Cognizant Technology Solutions Corp presently has a consensus rating of “Buy” and an average price target of $65.31.

In other Cognizant Technology Solutions Corp news, VP Malcolm Frank sold 666 shares of Cognizant Technology Solutions Corp stock in a transaction that occurred on Monday, December 5th. The shares were sold at an average price of $54.67, for a total transaction of $36,410.22. Following the transaction, the vice president now directly owns 4,520 shares in the company, valued at approximately $247,108.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Karen Mcloughlin sold 1,873 shares of Cognizant Technology Solutions Corp stock in a transaction that occurred on Monday, November 28th. The stock was sold at an average price of $58.16, for a total transaction of $108,933.68. Following the transaction, the chief financial officer now owns 40,741 shares in the company, valued at $2,369,496.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,466 shares of company stock worth $3,714,516. Corporate insiders own 0.81% of the company’s stock.

About Cognizant Technology Solutions Corp

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.

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