Cognizant Technology Solutions Corp (CTSH) Short Interest Down 21.2% in March

Cognizant Technology Solutions Corp (NASDAQ:CTSH) was the recipient of a significant decline in short interest during the month of March. As of March 29th, there was short interest totalling 10,024,434 shares, a decline of 21.2% from the March 15th total of 12,713,491 shares. Based on an average daily volume of 3,873,598 shares, the days-to-cover ratio is currently 2.6 days. Currently, 1.7% of the company’s shares are short sold.

Several analysts have weighed in on the company. Loop Capital boosted their price objective on Cognizant Technology Solutions to $90.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. BidaskClub upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, February 13th. Sanford C. Bernstein assumed coverage on Cognizant Technology Solutions in a research report on Wednesday, March 28th. They issued a “market perform” rating and a $57.50 price objective for the company. Zacks Investment Research downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Friday, January 12th. Finally, Argus upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating and boosted their price objective for the company from $81.80 to $100.00 in a research report on Thursday, February 22nd. Six research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have given a strong buy rating to the stock. Cognizant Technology Solutions has an average rating of “Buy” and a consensus price target of $84.22.

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In other Cognizant Technology Solutions news, CFO Karen Mcloughlin sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $75.37, for a total value of $942,125.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James Patrick Lennox sold 959 shares of the business’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $83.64, for a total value of $80,210.76. Following the completion of the sale, the executive vice president now owns 5,203 shares of the company’s stock, valued at approximately $435,178.92. The disclosure for this sale can be found here. Insiders sold 396,133 shares of company stock valued at $30,909,855 in the last quarter. Corporate insiders own 1.08% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in Cognizant Technology Solutions by 3.1% in the fourth quarter. BlackRock Inc. now owns 36,121,482 shares of the information technology service provider’s stock worth $2,565,349,000 after purchasing an additional 1,088,469 shares during the period. Comgest Global Investors S.A.S. grew its stake in shares of Cognizant Technology Solutions by 18.3% in the fourth quarter. Comgest Global Investors S.A.S. now owns 8,774,817 shares of the information technology service provider’s stock worth $623,188,000 after acquiring an additional 1,358,200 shares during the last quarter. Pzena Investment Management LLC grew its stake in shares of Cognizant Technology Solutions by 2.8% in the fourth quarter. Pzena Investment Management LLC now owns 7,119,634 shares of the information technology service provider’s stock worth $505,636,000 after acquiring an additional 194,583 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Cognizant Technology Solutions by 30.1% in the fourth quarter. Alliancebernstein L.P. now owns 6,309,025 shares of the information technology service provider’s stock worth $448,067,000 after acquiring an additional 1,458,220 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Cognizant Technology Solutions by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 6,005,499 shares of the information technology service provider’s stock worth $425,587,000 after acquiring an additional 209,232 shares during the last quarter. 88.75% of the stock is currently owned by institutional investors.

Shares of CTSH stock opened at $80.82 on Friday. The firm has a market capitalization of $47,955.56, a P/E ratio of 22.90, a PEG ratio of 1.54 and a beta of 1.04. Cognizant Technology Solutions has a twelve month low of $57.50 and a twelve month high of $85.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.21 and a current ratio of 3.21.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, February 7th. The information technology service provider reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.15. The company had revenue of $3.83 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Cognizant Technology Solutions had a return on equity of 19.94% and a net margin of 10.15%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.87 earnings per share. equities analysts anticipate that Cognizant Technology Solutions will post 4.21 earnings per share for the current fiscal year.

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Cognizant Technology Solutions 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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