Auto Owners Insurance Co Buys 9,802 Shares of Cognizant Technology Solutions Corporation $CTSH

Auto Owners Insurance Co raised its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 2,279.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,232 shares of the information technology service provider’s stock after acquiring an additional 9,802 shares during the quarter. Auto Owners Insurance Co’s holdings in Cognizant Technology Solutions were worth $798,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CTSH. Goldman Sachs Group Inc. lifted its holdings in shares of Cognizant Technology Solutions by 117.5% in the first quarter. Goldman Sachs Group Inc. now owns 6,805,893 shares of the information technology service provider’s stock worth $520,651,000 after acquiring an additional 3,677,145 shares during the last quarter. Amundi increased its stake in shares of Cognizant Technology Solutions by 61.6% in the first quarter. Amundi now owns 4,519,912 shares of the information technology service provider’s stock valued at $331,584,000 after buying an additional 1,723,335 shares during the period. Pacer Advisors Inc. increased its stake in shares of Cognizant Technology Solutions by 2,585.0% in the first quarter. Pacer Advisors Inc. now owns 1,776,601 shares of the information technology service provider’s stock valued at $135,910,000 after buying an additional 1,710,433 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Cognizant Technology Solutions by 152.7% in the second quarter. Allianz Asset Management GmbH now owns 2,708,349 shares of the information technology service provider’s stock valued at $211,332,000 after buying an additional 1,636,636 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Cognizant Technology Solutions by 13.3% in the first quarter. Invesco Ltd. now owns 12,077,445 shares of the information technology service provider’s stock valued at $923,925,000 after buying an additional 1,422,265 shares during the period. Institutional investors own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Cognizant Technology Solutions from $101.00 to $89.00 and set an “overweight” rating for the company in a research note on Wednesday, August 20th. Guggenheim reaffirmed a “buy” rating and issued a $85.00 price objective (down previously from $90.00) on shares of Cognizant Technology Solutions in a research note on Tuesday, October 21st. Evercore ISI assumed coverage on Cognizant Technology Solutions in a research note on Thursday, July 17th. They issued an “outperform” rating and a $100.00 price objective for the company. Wells Fargo & Company assumed coverage on Cognizant Technology Solutions in a research note on Tuesday, October 21st. They issued an “overweight” rating and a $82.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Cognizant Technology Solutions in a research note on Thursday, July 17th. They issued a “hold” rating and a $80.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $85.44.

Cognizant Technology Solutions Stock Performance

NASDAQ:CTSH opened at $67.82 on Wednesday. The company has a market capitalization of $33.12 billion, a PE ratio of 13.78, a P/E/G ratio of 1.41 and a beta of 0.95. The company has a 50 day simple moving average of $68.96 and a two-hundred day simple moving average of $73.64. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.41 and a current ratio of 2.41. Cognizant Technology Solutions Corporation has a fifty-two week low of $65.15 and a fifty-two week high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, July 30th. The information technology service provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.05. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.17 billion. Cognizant Technology Solutions had a net margin of 11.89% and a return on equity of 16.77%. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.17 EPS. Research analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Company 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.