Cognizant Technology Solutions Co. (NASDAQ:CTSH) Stock Position Trimmed by Indiana Trust & Investment Management Co

16 Oct 2024, 13:49 by Teresa Graham · The Cerbat Gem

Indiana Trust & Investment Management Co decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 56.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,613 shares of the information technology service provider’s stock after selling 2,064 shares during the period. Indiana Trust & Investment Management Co’s holdings in Cognizant Technology Solutions were worth $124,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CTSH. 1620 Investment Advisors Inc. bought a new stake in shares of Cognizant Technology Solutions in the 2nd quarter worth $25,000. LRI Investments LLC acquired a new stake in Cognizant Technology Solutions during the 1st quarter worth about $28,000. Pinnacle Bancorp Inc. increased its stake in shares of Cognizant Technology Solutions by 47.4% in the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock worth $35,000 after acquiring an additional 146 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in shares of 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 valued at $36,000 after purchasing an additional 158 shares in the last quarter. Finally, Unique Wealth Strategies LLC bought a new stake in shares of Cognizant Technology Solutions during the 2nd quarter worth $40,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CTSH. The Goldman Sachs Group reiterated a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Jefferies Financial Group started coverage on Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. Robert W. Baird increased their price target on Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Barclays upped their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $77.44.

Read Our Latest Stock Analysis on Cognizant Technology Solutions

Cognizant Technology Solutions Stock Performance

NASDAQ:CTSH traded up $0.06 during mid-day trading on Wednesday, hitting $77.44. 445,649 shares of the stock were exchanged, compared to its average volume of 3,833,048. The firm’s 50-day simple moving average is $76.15 and its 200 day simple moving average is $71.54. Cognizant Technology Solutions Co. has a fifty-two week low of $62.14 and a fifty-two week high of $80.27. The stock has a market capitalization of $38.50 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 2.16 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the company earned $1.10 EPS. The firm’s quarterly revenue was down .7% compared to the same quarter last year. As a group, equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 28.85%.

Insider Activity

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now directly owns 46,427 shares in the company, valued at $3,419,812.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is currently owned by insiders.

Cognizant Technology Solutions Company Profile

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