Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Allspring Global Investments Holdings LLC

Posted by Defense World Staff on Nov 3rd, 2023

Allspring Global Investments Holdings LLC lessened its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 12.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 101,502 shares of the information technology service provider’s stock after selling 14,156 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cognizant Technology Solutions were worth $6,626,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of Cognizant Technology Solutions by 6.1% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 416,924 shares of the information technology service provider’s stock valued at $25,403,000 after purchasing an additional 23,883 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Cognizant Technology Solutions by 14.6% in the 1st quarter. Handelsbanken Fonder AB now owns 65,660 shares of the information technology service provider’s stock valued at $4,001,000 after acquiring an additional 8,387 shares during the period. Summit Global Investments raised its stake in shares of Cognizant Technology Solutions by 13.0% in the 2nd quarter. Summit Global Investments now owns 18,458 shares of the information technology service provider’s stock valued at $1,205,000 after acquiring an additional 2,119 shares during the period. Mn Services Vermogensbeheer B.V. raised its stake in shares of Cognizant Technology Solutions by 3.2% in the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 258,437 shares of the information technology service provider’s stock valued at $15,747,000 after acquiring an additional 8,000 shares during the period. Finally, Sanders Morris Harris LLC purchased a new position in shares of Cognizant Technology Solutions in the 2nd quarter valued at $393,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Citigroup raised shares of Cognizant Technology Solutions from a “neutral” rating to a “buy” rating and raised their target price for the company from $72.00 to $80.00 in a research note on Friday, October 20th. Wedbush reissued an “outperform” rating and issued a $75.00 target price on shares of Cognizant Technology Solutions in a research note on Friday, August 11th. JPMorgan Chase & Co. raised shares of Cognizant Technology Solutions from an “underweight” rating to a “neutral” rating and raised their target price for the company from $72.00 to $77.00 in a research note on Tuesday, August 22nd. Royal Bank of Canada boosted their price objective on shares of Cognizant Technology Solutions from $66.00 to $74.00 and gave the stock a “sector perform” rating in a report on Thursday, August 3rd. Finally, BMO Capital Markets boosted their price objective on shares of Cognizant Technology Solutions from $70.00 to $78.00 and gave the stock a “market perform” rating in a report on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Cognizant Technology Solutions has an average rating of “Hold” and an average target price of $69.75.

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Cognizant Technology Solutions Price Performance

NASDAQ CTSH opened at $63.65 on Friday. Cognizant Technology Solutions Co. has a 52 week low of $51.33 and a 52 week high of $72.71. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.05. The stock has a market cap of $32.15 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a 50-day moving average price of $68.22 and a two-hundred day moving average price of $65.90.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last posted its earnings results on Wednesday, November 1st. The information technology service provider reported $1.16 EPS for the quarter, topping the consensus estimate of $1.08 by $0.08. Cognizant Technology Solutions had a net margin of 11.31% and a return on equity of 18.00%. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.91 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. Cognizant Technology Solutions’s quarterly revenue was up .8% on a year-over-year basis. Analysts forecast that Cognizant Technology Solutions Co. will post 4.41 EPS for the current year.

Cognizant Technology Solutions Profile

(Free Report)

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.