Raymond James Trust N.A. Has $1.07 Million Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Raymond James Trust N.A. decreased its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,793 shares of the information technology service provider’s stock after selling 496 shares during the quarter. Raymond James Trust N.A.’s holdings in Cognizant Technology Solutions were worth $1,074,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. 1620 Investment Advisors Inc. bought a new stake in shares of Cognizant Technology Solutions in the 2nd quarter valued at about $25,000. LRI Investments LLC acquired a new position in Cognizant Technology Solutions during the first quarter worth approximately $28,000. Spire Wealth Management raised its stake in Cognizant Technology Solutions by 79.1% in the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 193 shares during the period. Neo Ivy Capital Management bought a new position in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $40,000. Finally, Unique Wealth Strategies LLC acquired a new position in shares of Cognizant Technology Solutions during the 2nd quarter worth approximately $40,000. 92.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on CTSH shares. Barclays lifted their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Susquehanna reduced their target price on shares of Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. Royal Bank of Canada increased their target price on Cognizant Technology Solutions from $77.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 1st. Finally, Robert W. Baird upped their price objective on Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has a consensus rating of “Hold” and an average price target of $76.06.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock traded up $0.47 during mid-day trading on Monday, reaching $77.15. The company had a trading volume of 81,176 shares, compared to its average volume of 4,037,607. The business has a fifty day simple moving average of $71.94 and a 200 day simple moving average of $71.52. The company has a market cap of $38.36 billion, a P/E ratio of 18.43, a P/E/G ratio of 2.26 and a beta of 1.05. The company has a current ratio of 2.46, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a fifty-two week low of $62.14 and a fifty-two week high of $80.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.05. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the previous year, the business posted $1.10 earnings per share. The business’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities research analysts predict that Cognizant Technology Solutions Co. will post 4.65 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a yield of 1.56%. Cognizant Technology Solutions’s payout ratio is 28.85%.

Insider Buying and Selling

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 46,427 shares in the company, valued at $3,419,812.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Cognizant Technology Solutions 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.