44 Wealth Management LLC Sells 1,037 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

44 Wealth Management LLC cut its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,841 shares of the information technology service provider’s stock after selling 1,037 shares during the period. 44 Wealth Management LLC’s holdings in Cognizant Technology Solutions were worth $1,295,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Creative Planning lifted its stake in Cognizant Technology Solutions by 8.6% during the third quarter. Creative Planning now owns 44,423 shares of the information technology service provider’s stock worth $3,429,000 after purchasing an additional 3,518 shares during the period. Allspring Global Investments Holdings LLC grew its position in Cognizant Technology Solutions by 13.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 248,135 shares of the information technology service provider’s stock valued at $19,151,000 after acquiring an additional 30,370 shares during the period. Sequoia Financial Advisors LLC grew its position in Cognizant Technology Solutions by 5.1% in the third quarter. Sequoia Financial Advisors LLC now owns 8,527 shares of the information technology service provider’s stock valued at $658,000 after acquiring an additional 416 shares during the period. Eastern Bank acquired a new position in Cognizant Technology Solutions during the third quarter worth $37,000. Finally, Greenleaf Trust lifted its holdings in shares of Cognizant Technology Solutions by 4.9% during the third quarter. Greenleaf Trust now owns 6,326 shares of the information technology service provider’s stock valued at $488,000 after acquiring an additional 296 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CTSH has been the subject of several analyst reports. Robert W. Baird lifted their price target on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Barclays boosted their target price on Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Royal Bank of Canada raised their price target on Cognizant Technology Solutions from $82.00 to $93.00 and gave the company a “sector perform” rating in a report on Thursday, February 6th. Finally, BMO Capital Markets increased their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research note on Thursday, February 6th. Sixteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus price target of $83.67.

Cognizant Technology Solutions Trading Down 3.1 %

NASDAQ:CTSH opened at $84.82 on Friday. The business’s 50-day simple moving average is $81.11 and its 200-day simple moving average is $78.57. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a market capitalization of $42.05 billion, a PE ratio of 18.81, a price-to-earnings-growth ratio of 2.13 and a beta of 1.07.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. Sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th will be given a dividend of $0.31 per share. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Tuesday, February 18th. Cognizant Technology Solutions’s dividend payout ratio is currently 27.49%.

Insider Activity at Cognizant Technology Solutions

In related news, CAO John Sunshin Kim sold 5,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total transaction of $400,550.00. Following the completion of the transaction, the chief accounting officer now directly owns 39,022 shares of the company’s stock, valued at approximately $3,126,052.42. This represents a 11.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.26% of the stock is owned by insiders.

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.