Cognizant Technology Solutions Corporation (CTSH) Sees Large Decline in Short Interest

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) was the target of a large decrease in short interest in May. As of May 31st, there was short interest totalling 13,839,491 shares, a decrease of 26.7% from the May 15th total of 18,892,324 shares. Based on an average daily volume of 3,837,796 shares, the days-to-cover ratio is presently 3.6 days. Approximately 2.4% of the shares of the stock are sold short.

A number of equities analysts recently issued reports on the stock. Credit Suisse Group set a $70.00 price objective on shares of Cognizant Technology Solutions Corporation and gave the stock a “buy” rating in a research report on Saturday, May 6th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $80.00 price objective (up from $66.00) on shares of Cognizant Technology Solutions Corporation in a research report on Thursday. BidaskClub cut shares of Cognizant Technology Solutions Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 10th. Pacific Crest reiterated an “overweight” rating and set a $75.00 price objective (up from $73.00) on shares of Cognizant Technology Solutions Corporation in a research report on Thursday, June 1st. Finally, Wedbush reissued an “outperform” rating and set a $70.00 target price on shares of Cognizant Technology Solutions Corporation in a report on Wednesday, February 22nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $65.53.

In related news, EVP Allen Shaheen sold 4,186 shares of the company’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 transaction of $282,806.16. Following the completion of the transaction, the executive vice president now directly owns 442 shares in the company, valued at approximately $29,861.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sean Middleton sold 1,890 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $60.00, for a total transaction of $113,400.00. Following the transaction, the insider now owns 5,888 shares of the company’s stock, valued at $353,280. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,712 shares of company stock valued at $3,306,626. 1.08% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of CTSH. Moreno Evelyn V raised its position in shares of Cognizant Technology Solutions Corporation by 15.7% in the first quarter. Moreno Evelyn V now owns 136,275 shares of the information technology service provider’s stock worth $8,111,000 after buying an additional 18,540 shares during the period. CENTRAL TRUST Co raised its position in shares of Cognizant Technology Solutions Corporation by 13.8% in the first quarter. CENTRAL TRUST Co now owns 6,368 shares of the information technology service provider’s stock worth $379,000 after buying an additional 770 shares during the period. Zurich Insurance Group Ltd FI raised its position in shares of Cognizant Technology Solutions Corporation by 5.1% in the fourth quarter. Zurich Insurance Group Ltd FI now owns 82,334 shares of the information technology service provider’s stock worth $4,613,000 after buying an additional 4,024 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Cognizant Technology Solutions Corporation by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,216,330 shares of the information technology service provider’s stock worth $68,154,000 after buying an additional 21,726 shares during the period. Finally, Pensionfund DSM Netherlands raised its stake in Cognizant Technology Solutions Corporation by 3.3% in the first quarter. Pensionfund DSM Netherlands now owns 62,400 shares of the information technology service provider’s stock valued at $3,714,000 after buying an additional 2,000 shares during the last quarter. 91.09% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Corporation (CTSH) opened at 66.59 on Friday. The company has a market cap of $39.22 billion, a price-to-earnings ratio of 24.22 and a beta of 1.14. Cognizant Technology Solutions Corporation has a 52-week low of $45.44 and a 52-week high of $67.88. The company’s 50-day moving average is $65.11 and its 200 day moving average is $59.30.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last issued its earnings results on Friday, May 5th. The information technology service provider reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.09. Cognizant Technology Solutions Corporation had a return on equity of 18.77% and a net margin of 12.07%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.52 billion. During the same quarter in the previous year, the firm earned $0.80 EPS. Cognizant Technology Solutions Corporation’s revenue was up 10.7% on a year-over-year basis. Equities analysts forecast that Cognizant Technology Solutions Corporation will post $3.66 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 31st. Shareholders of record on Tuesday, May 23rd were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date was Thursday, May 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is 21.90%.

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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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