Sandy Spring Bank Has $2 Million Holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH)

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Sandy Spring Bank increased its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 5.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,626 shares of the information technology service provider’s stock after purchasing an additional 1,680 shares during the period. Sandy Spring Bank’s holdings in Cognizant Technology Solutions were worth $2,004,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CTSH. BlackRock Inc. lifted its holdings in Cognizant Technology Solutions by 4.7% during the first quarter. BlackRock Inc. now owns 47,153,467 shares of the information technology service provider’s stock worth $3,416,269,000 after acquiring an additional 2,129,464 shares in the last quarter. FMR LLC lifted its holdings in Cognizant Technology Solutions by 21.9% during the first quarter. FMR LLC now owns 15,767,608 shares of the information technology service provider’s stock worth $1,142,362,000 after acquiring an additional 2,827,833 shares in the last quarter. Northern Trust Corp lifted its holdings in Cognizant Technology Solutions by 3.4% during the first quarter. Northern Trust Corp now owns 7,655,802 shares of the information technology service provider’s stock worth $554,663,000 after acquiring an additional 252,685 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in Cognizant Technology Solutions by 0.4% during the first quarter. Pzena Investment Management LLC now owns 7,636,219 shares of the information technology service provider’s stock worth $553,244,000 after acquiring an additional 29,090 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Cognizant Technology Solutions by 7.2% during the fourth quarter. Geode Capital Management LLC now owns 7,217,002 shares of the information technology service provider’s stock worth $457,298,000 after acquiring an additional 482,575 shares in the last quarter. 88.41% of the stock is owned by institutional investors and hedge funds.

In related news, SVP Robert Telesmanic sold 2,484 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $65.00, for a total transaction of $161,460.00. Following the sale, the senior vice president now owns 7,337 shares in the company, valued at $476,905. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Allen Shaheen sold 1,369 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $60.16, for a total value of $82,359.04. Following the sale, the executive vice president now owns 3,073 shares in the company, valued at approximately $184,871.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,120 shares of company stock worth $2,960,866. Corporate insiders own 0.56% of the company’s stock.

Several research firms have weighed in on CTSH. Oppenheimer lowered Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating in a report on Friday, May 3rd. Wells Fargo & Co set a $63.00 target price on Cognizant Technology Solutions and gave the stock a “hold” rating in a report on Friday, May 3rd. Needham & Company LLC lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. CIBC reiterated a “market perform” rating on shares of Cognizant Technology Solutions in a report on Friday, May 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $75.00 target price (down from $87.00) on shares of Cognizant Technology Solutions in a report on Friday, May 3rd. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have issued a buy rating to the company. Cognizant Technology Solutions currently has a consensus rating of “Hold” and an average price target of $74.48.

Shares of Cognizant Technology Solutions stock traded down $0.15 during trading on Thursday, reaching $60.50. The stock had a trading volume of 59,063 shares, compared to its average volume of 3,491,923. The company has a market cap of $33.78 billion, a P/E ratio of 15.09, a price-to-earnings-growth ratio of 1.53 and a beta of 1.01. The business’s fifty day simple moving average is $64.35. Cognizant Technology Solutions Corp has a 52 week low of $56.73 and a 52 week high of $78.59. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.13.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. The company had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.13 billion. Cognizant Technology Solutions had a return on equity of 20.52% and a net margin of 12.61%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 earnings per share. On average, analysts anticipate that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 22nd will be issued a $0.20 dividend. The ex-dividend date is Wednesday, August 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.32%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 19.90%.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.

Read More: Are sell-side analysts objective?

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Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

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