Allstate Corp Invests $1.26 Million in Cognizant Technology Solutions Corporation $CTSH

Allstate Corp bought a new stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,808 shares of the information technology service provider’s stock, valued at approximately $1,261,000.

A number of other hedge funds have also bought and sold shares of the business. Brighton Jones LLC acquired a new position in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $214,000. Geneos Wealth Management Inc. boosted its stake in shares of Cognizant Technology Solutions by 118.8% in the first quarter. Geneos Wealth Management Inc. now owns 569 shares of the information technology service provider’s stock valued at $44,000 after buying an additional 309 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Cognizant Technology Solutions in the first quarter valued at approximately $142,000. CX Institutional grew its position in Cognizant Technology Solutions by 8.4% during the second quarter. CX Institutional now owns 4,236 shares of the information technology service provider’s stock worth $331,000 after buying an additional 329 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Cognizant Technology Solutions by 16.4% during the 2nd quarter. GAMMA Investing LLC now owns 14,035 shares of the information technology service provider’s stock worth $1,095,000 after acquiring an additional 1,976 shares during the period. 92.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CTSH has been the subject of a number of recent analyst reports. William Blair upgraded Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating in a research report on Friday, November 21st. JPMorgan Chase & Co. upped their price objective on shares of Cognizant Technology Solutions from $89.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Cowen reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research note on Friday, January 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cognizant Technology Solutions in a report on Monday, December 29th. Finally, Guggenheim reaffirmed a “buy” rating and set a $85.00 price target (down previously from $90.00) on shares of Cognizant Technology Solutions in a report on Tuesday, October 21st. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $86.00.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $82.21 on Wednesday. The business has a 50 day moving average of $81.06 and a 200-day moving average of $74.56. The company has a market capitalization of $39.68 billion, a P/E ratio of 19.07, a P/E/G ratio of 1.62 and a beta of 0.96. Cognizant Technology Solutions Corporation has a 1 year low of $65.15 and a 1 year high of $90.82. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.36 and a quick ratio of 2.36.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, October 29th. The information technology service provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.09. The firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Cognizant Technology Solutions had a net margin of 10.20% and a return on equity of 17.00%. The company’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 EPS. Cognizant Technology Solutions has set its FY 2025 guidance at 5.220-5.260 EPS. On average, equities research analysts predict that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Tuesday, November 18th were paid a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $1.24 annualized dividend and a dividend yield of 1.5%. Cognizant Technology Solutions’s dividend payout ratio is presently 28.77%.

Insider Transactions at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 3,125 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $80.01, for a total transaction of $250,031.25. Following the completion of the transaction, the chief executive officer owned 75,454 shares in the company, valued at approximately $6,037,074.54. This trade represents a 3.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael Patsalos-Fox sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $83.52, for a total transaction of $584,640.00. Following the completion of the transaction, the director owned 47,729 shares in the company, valued at $3,986,326.08. This trade represents a 12.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,206 shares of company stock worth $2,505,231 over the last ninety days. 0.32% of the stock is owned by insiders.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions (NASDAQ: CTSH) is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.

Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.