iA Global Asset Management Inc. Sells 47,792 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

iA Global Asset Management Inc. trimmed its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 46.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 55,429 shares of the information technology service provider's stock after selling 47,792 shares during the period. iA Global Asset Management Inc.'s holdings in Cognizant Technology Solutions were worth $4,278,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. 1620 Investment Advisors Inc. bought a new position in Cognizant Technology Solutions during the 2nd quarter worth $25,000. Addison Advisors LLC raised its position in Cognizant Technology Solutions by 127.7% during the 3rd quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider's stock worth $26,000 after purchasing an additional 189 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in Cognizant Technology Solutions during the 3rd quarter worth $30,000. Pinnacle Bancorp Inc. raised its position in Cognizant Technology Solutions by 47.4% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider's stock worth $35,000 after purchasing an additional 146 shares during the last quarter. Finally, Benjamin Edwards Inc. raised its position in Cognizant Technology Solutions by 42.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider's stock worth $36,000 after purchasing an additional 158 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock traded up $0.41 during mid-day trading on Friday, hitting $81.14. 2,657,031 shares of the stock were exchanged, compared to its average volume of 3,255,156. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $82.41. The company has a 50-day simple moving average of $77.88 and a 200 day simple moving average of $74.18. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23. The company has a market capitalization of $40.23 billion, a P/E ratio of 17.95, a P/E/G ratio of 2.22 and a beta of 1.06.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, topping the consensus estimate of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The firm had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the firm earned $1.16 EPS. The company's quarterly revenue was up 3.0% compared to the same quarter last year. Sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.48%. Cognizant Technology Solutions's dividend payout ratio is currently 26.55%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CTSH. Jefferies Financial Group began coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a "buy" rating and a $90.00 target price for the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their price target on Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Tuesday, October 22nd. StockNews.com downgraded Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a report on Friday, November 8th. Finally, Robert W. Baird increased their price target on Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, Cognizant Technology Solutions presently has an average rating of "Hold" and an average price target of $79.47.

Insider Buying and Selling

In related news, CAO John Sunshin Kim sold 5,000 shares of Cognizant Technology Solutions stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $80.11, for a total value of $400,550.00. Following the sale, the chief accounting officer now owns 39,022 shares of the company's stock, valued at approximately $3,126,052.42. The trade was a 11.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.26% of the stock is currently owned by insiders.

Cognizant Technology Solutions Company Profile

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.