Harbor Spring Capital LLC lowered its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 30.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 589,000 shares of the information technology service provider’s stock after selling 256,000 shares during the quarter. Cognizant Technology Solutions Corporation makes up about 4.7% of Harbor Spring Capital LLC’s investment portfolio, making the stock its 12th largest position. Harbor Spring Capital LLC owned approximately 0.10% of Cognizant Technology Solutions Corporation worth $39,110,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CTSH. Acrospire Investment Management LLC grew its stake in shares of Cognizant Technology Solutions Corporation by 92.6% during the second quarter. Acrospire Investment Management LLC now owns 1,664 shares of the information technology service provider’s stock worth $110,000 after purchasing an additional 800 shares during the period. Guardian Life Insurance Co. of America lifted its stake in Cognizant Technology Solutions Corporation by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock valued at $140,000 after buying an additional 27 shares during the period. Manchester Capital Management LLC lifted its stake in Cognizant Technology Solutions Corporation by 15.7% in the second quarter. Manchester Capital Management LLC now owns 2,728 shares of the information technology service provider’s stock valued at $181,000 after buying an additional 370 shares during the period. First National Trust Co. acquired a new position in Cognizant Technology Solutions Corporation in the second quarter valued at about $207,000. Finally, Lakeview Capital Partners LLC acquired a new position in Cognizant Technology Solutions Corporation in the second quarter valued at about $210,000. Institutional investors own 87.60% of the company’s stock.

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In other news, insider Chandrasekaran Ramakrishnan sold 25,000 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $70.00, for a total transaction of $1,750,000.00. Following the completion of the transaction, the insider now owns 360,856 shares in the company, valued at approximately $25,259,920. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Allen Shaheen sold 442 shares of Cognizant Technology Solutions Corporation stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $70.58, for a total value of $31,196.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 287,357 shares of company stock valued at $20,521,043. 1.08% of the stock is currently owned by company insiders.

Cognizant Technology Solutions Corporation (CTSH) traded up 0.46% during mid-day trading on Tuesday, reaching $72.78. The company had a trading volume of 528,657 shares. The stock has a market capitalization of $42.99 billion, a PE ratio of 23.35 and a beta of 1.12. The company’s 50-day moving average is $71.27 and its 200-day moving average is $66.29. Cognizant Technology Solutions Corporation has a one year low of $49.35 and a one year high of $73.28.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.11. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. Cognizant Technology Solutions Corporation had a net margin of 13.36% and a return on equity of 18.72%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.87 earnings per share. Equities research analysts anticipate that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current year.

A number of brokerages have recently commented on CTSH. Societe Generale cut Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and upped their price target for the company from $68.00 to $74.00 in a research note on Monday, June 5th. Robert W. Baird reaffirmed a “buy” rating and issued a $80.00 target price on shares of Cognizant Technology Solutions Corporation in a research note on Sunday, September 10th. BidaskClub upgraded shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. Bank of America Corporation reiterated a “buy” rating and issued a $86.00 target price on shares of Cognizant Technology Solutions Corporation in a report on Tuesday, September 12th. Finally, HSBC Holdings plc cut shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and lifted their price target for the stock from $65.00 to $68.00 in a research report on Thursday, June 8th. Five investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $72.91.

Cognizant Technology Solutions Corporation Company Profile

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.

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

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