iA Global Asset Management Inc. Sells 18,299 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

iA Global Asset Management Inc. reduced its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 15.8% during the first quarter, HoldingsChannel reports. The firm owned 97,438 shares of the information technology service provider’s stock after selling 18,299 shares during the period. iA Global Asset Management Inc.’s holdings in Cognizant Technology Solutions were worth $7,141,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC bought a new stake in Cognizant Technology Solutions during the fourth quarter valued at $26,000. Spire Wealth Management grew its position in shares of Cognizant Technology Solutions by 79.1% during the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock worth $34,000 after buying an additional 193 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at $40,000. Quarry LP acquired a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at $43,000. Finally, Valley National Advisers Inc. boosted its stake in Cognizant Technology Solutions by 43.2% during the fourth quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock worth $44,000 after acquiring an additional 178 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

Shares of CTSH traded up $0.63 on Thursday, reaching $76.31. 6,667,962 shares of the company’s stock traded hands, compared to its average volume of 4,153,237. The stock’s 50 day simple moving average is $69.08 and its two-hundred day simple moving average is $71.87. The stock has a market cap of $37.94 billion, a PE ratio of 18.64, a PEG ratio of 2.27 and a beta of 1.05. Cognizant Technology Solutions Co. has a 52-week low of $62.14 and a 52-week high of $80.27. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.05. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The business’s revenue was down .7% compared to the same quarter last year. During the same period last year, the firm posted $1.10 EPS. On average, analysts forecast that Cognizant Technology Solutions Co. will post 4.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CTSH shares. Robert W. Baird lifted their price target on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Monday, June 10th. Barclays increased their price target on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. StockNews.com downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Citigroup cut their target price on Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $76.12.

About Cognizant Technology Solutions

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.