Norway Savings Bank Purchases 1,017 Shares of Cognizant Technology Solutions Corporation (CTSH)

Norway Savings Bank raised its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 10.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 10,307 shares of the information technology service provider’s stock after buying an additional 1,017 shares during the period. Norway Savings Bank’s holdings in Cognizant Technology Solutions Corporation were worth $685,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Cognizant Technology Solutions Corporation by 3,470.1% in the first quarter. BlackRock Inc. now owns 40,747,905 shares of the information technology service provider’s stock worth $2,425,316,000 after buying an additional 39,606,526 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Cognizant Technology Solutions Corporation by 3.5% in the first quarter. Vanguard Group Inc. now owns 40,545,109 shares of the information technology service provider’s stock valued at $2,413,246,000 after buying an additional 1,379,271 shares in the last quarter. State Street Corp boosted its position in shares of Cognizant Technology Solutions Corporation by 1.8% in the first quarter. State Street Corp now owns 24,267,262 shares of the information technology service provider’s stock valued at $1,444,391,000 after buying an additional 435,142 shares in the last quarter. Edgewood Management LLC boosted its position in shares of Cognizant Technology Solutions Corporation by 3.9% in the first quarter. Edgewood Management LLC now owns 14,706,635 shares of the information technology service provider’s stock valued at $875,339,000 after buying an additional 557,035 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Cognizant Technology Solutions Corporation by 2.3% in the first quarter. FMR LLC now owns 13,803,392 shares of the information technology service provider’s stock valued at $821,576,000 after buying an additional 314,137 shares during the last quarter. 89.18% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Corporation (NASDAQ CTSH) traded down 0.47% on Thursday, hitting $69.72. 3,246,740 shares of the stock were exchanged. The company’s 50-day moving average is $67.62 and its 200-day moving average is $61.61. The company has a market cap of $41.06 billion, a PE ratio of 25.36 and a beta of 1.16. Cognizant Technology Solutions Corporation has a 52 week low of $45.44 and a 52 week high of $70.49.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its quarterly earnings results on Friday, May 5th. The information technology service provider reported $0.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.52 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.77% and a net margin of 12.07%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.80 EPS. On average, analysts predict that Cognizant Technology Solutions Corporation will post $3.67 earnings per share for the current year.

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CTSH has been the topic of several research analyst reports. Berenberg Bank initiated coverage on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, March 29th. They set a “hold” rating and a $65.00 target price on the stock. SunTrust Banks, Inc. upgraded shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research report on Thursday, April 13th. Vetr upgraded shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating and set a $67.50 target price on the stock in a research report on Friday, April 14th. Cantor Fitzgerald restated a “buy” rating and set a $67.00 target price on shares of Cognizant Technology Solutions Corporation in a research report on Friday, May 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price objective (up from $65.00) on shares of Cognizant Technology Solutions Corporation in a research report on Friday, May 5th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $65.41.

In related news, insider Debashis Chatterjee sold 3,452 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $69.50, for a total value of $239,914.00. Following the transaction, the insider now directly owns 42,628 shares of the company’s stock, valued at approximately $2,962,646. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Allen Shaheen sold 4,186 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $67.56, for a total value of $282,806.16. Following the completion of the transaction, the executive vice president now directly owns 442 shares in the company, valued at $29,861.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,673 shares of company stock valued at $4,336,015. 1.08% of the stock is owned by corporate insiders.

About Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

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

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