Allianz Asset Management GmbH Lowers Holdings in Cognizant Technology Solutions Corporation $CTSH

Allianz Asset Management GmbH reduced its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 34.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,773,173 shares of the information technology service provider’s stock after selling 935,176 shares during the quarter. Allianz Asset Management GmbH owned 0.36% of Cognizant Technology Solutions worth $118,927,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CTSH. SP Asset Management LLC grew its stake in shares of Cognizant Technology Solutions by 0.4% during the 3rd quarter. SP Asset Management LLC now owns 43,152 shares of the information technology service provider’s stock worth $2,894,000 after purchasing an additional 179 shares during the period. Atlantic Union Bankshares Corp boosted its holdings in Cognizant Technology Solutions by 32,087.3% during the third quarter. Atlantic Union Bankshares Corp now owns 20,278 shares of the information technology service provider’s stock worth $1,360,000 after buying an additional 20,215 shares in the last quarter. AGF Management Ltd. grew its position in Cognizant Technology Solutions by 21.3% during the third quarter. AGF Management Ltd. now owns 45,631 shares of the information technology service provider’s stock valued at $3,060,000 after buying an additional 8,013 shares during the period. State of Wyoming increased its holdings in Cognizant Technology Solutions by 28.8% in the third quarter. State of Wyoming now owns 9,953 shares of the information technology service provider’s stock valued at $668,000 after buying an additional 2,225 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Cognizant Technology Solutions by 11.6% in the third quarter. Jones Financial Companies Lllp now owns 45,316 shares of the information technology service provider’s stock worth $3,035,000 after acquiring an additional 4,701 shares during the period. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CTSH shares. William Blair upgraded Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating in a research report on Friday, November 21st. Wells Fargo & Company reiterated an “overweight” rating and set a $98.00 price objective (up from $87.00) on shares of Cognizant Technology Solutions in a research note on Wednesday, January 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cognizant Technology Solutions in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Monday, January 26th. Finally, Mizuho set a $85.00 price target on Cognizant Technology Solutions in a research report on Thursday, October 30th. Nine investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $90.28.

Cognizant Technology Solutions Price Performance

CTSH stock opened at $74.50 on Wednesday. Cognizant Technology Solutions Corporation has a 52-week low of $65.15 and a 52-week high of $90.82. The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 0.04. The stock has a market cap of $35.96 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 1.59 and a beta of 0.95. The business has a fifty day moving average of $82.92 and a two-hundred day moving average of $74.98.

Insider Buying and Selling at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CAO John Sunshin Kim sold 2,500 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $80.00, for a total transaction of $200,000.00. Following the transaction, the chief accounting officer directly owned 36,149 shares in the company, valued at $2,891,920. This represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Patsalos-Fox sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $84.23, for a total value of $168,460.00. Following the transaction, the director owned 29,729 shares of the company’s stock, valued at $2,504,073.67. This trade represents a 6.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 27,706 shares of company stock worth $2,317,281 over the last three months. Insiders own 0.32% of the company’s stock.

Cognizant Technology Solutions Company 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.