Cognizant Technology Solutions Corp (CTSH) Sees Large Increase in Short Interest

Cognizant Technology Solutions Corp (NASDAQ:CTSH) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 15,270,566 shares, a growth of 80.0% from the May 31st total of 8,482,672 shares. Based on an average daily trading volume, of 3,522,811 shares, the short-interest ratio is presently 4.3 days. Currently, 2.6% of the company’s shares are short sold.

Cognizant Technology Solutions opened at $77.38 on Thursday, according to MarketBeat.com. Cognizant Technology Solutions has a 12-month low of $65.60 and a 12-month high of $85.10. The company has a current ratio of 3.64, a quick ratio of 3.64 and a debt-to-equity ratio of 0.06. The stock has a market cap of $45.68 billion, a P/E ratio of 21.92, a PEG ratio of 1.49 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Monday, May 7th. The information technology service provider reported $1.06 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.06. Cognizant Technology Solutions had a return on equity of 20.48% and a net margin of 9.67%. The firm had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the prior year, the company earned $0.84 EPS. Cognizant Technology Solutions’s revenue was up 10.3% on a year-over-year basis. equities analysts forecast that Cognizant Technology Solutions will post 4.16 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 31st. Investors of record on Tuesday, May 22nd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.03%. The ex-dividend date was Monday, May 21st. Cognizant Technology Solutions’s payout ratio is 22.66%.

A number of equities analysts have weighed in on the company. BidaskClub lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a research note on Tuesday, May 1st. ValuEngine lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Monday, May 7th. Pivotal Research reissued a “buy” rating and set a $91.00 price objective on shares of Cognizant Technology Solutions in a research note on Monday, May 7th. Finally, Morgan Stanley lowered their price objective on Cognizant Technology Solutions to $88.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $86.09.

In other Cognizant Technology Solutions news, SVP Robert Telesmanic sold 10,000 shares of the business’s stock in a transaction on Friday, June 15th. The stock was sold at an average price of $79.53, for a total transaction of $795,300.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Malcolm Frank sold 1,111 shares of the business’s stock in a transaction on Tuesday, June 5th. The stock was sold at an average price of $76.86, for a total value of $85,391.46. Following the transaction, the vice president now directly owns 17,277 shares in the company, valued at approximately $1,327,910.22. The disclosure for this sale can be found here. Insiders have sold 25,946 shares of company stock worth $2,028,506 in the last three months. 0.60% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of CTSH. BlackRock Inc. lifted its stake in Cognizant Technology Solutions by 10.9% during the 1st quarter. BlackRock Inc. now owns 40,069,496 shares of the information technology service provider’s stock worth $3,225,593,000 after acquiring an additional 3,948,014 shares in the last quarter. Winslow Capital Management LLC acquired a new position in Cognizant Technology Solutions during the 4th quarter worth about $217,524,000. Alliancebernstein L.P. lifted its stake in Cognizant Technology Solutions by 30.1% during the 4th 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 in the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in Cognizant Technology Solutions by 33.4% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 4,691,542 shares of the information technology service provider’s stock worth $333,194,000 after acquiring an additional 1,173,895 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Cognizant Technology Solutions by 83.4% during the 4th quarter. Millennium Management LLC now owns 1,512,077 shares of the information technology service provider’s stock worth $107,388,000 after acquiring an additional 687,626 shares in the last quarter. 88.05% of the stock is currently owned by hedge funds and other institutional investors.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.

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