Cognizant Technology Solutions Corporation (CTSH) Short Interest Down 9.6% in June

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) was the target of a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 12,509,207 shares, a decrease of 9.6% from the May 31st total of 13,839,491 shares. Based on an average daily volume of 4,244,577 shares, the days-to-cover ratio is currently 2.9 days. Approximately 2.1% of the company’s stock are short sold.

A number of analysts have commented on CTSH shares. Credit Suisse Group set a $70.00 price target on shares of Cognizant Technology Solutions Corporation and gave the company a “buy” rating in a research note on Saturday, May 6th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $80.00 price target (up previously from $66.00) on shares of Cognizant Technology Solutions Corporation in a research note on Thursday, June 15th. BidaskClub upgraded shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 22nd. Cantor Fitzgerald reiterated a “buy” rating and issued a $67.00 price target on shares of Cognizant Technology Solutions Corporation in a research note on Friday, May 5th. Finally, HSBC Holdings plc cut shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and increased their price target for the company from $65.00 to $68.00 in a research note on Thursday, June 8th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $65.53.

In related news, COO Srinivasan Veeraraghavachary sold 12,000 shares of the stock in a transaction on Monday, May 8th. The shares were sold at an average price of $62.50, for a total transaction of $750,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean Middleton sold 1,890 shares of the stock in a transaction 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 approximately $353,280. The disclosure for this sale can be found here. Insiders have sold 57,223 shares of company stock valued at $3,748,484 in the last 90 days. 1.08% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Columbia Partners L L C Investment Management increased its stake in Cognizant Technology Solutions Corporation by 25.5% in the first quarter. Columbia Partners L L C Investment Management now owns 66,490 shares of the information technology service provider’s stock valued at $3,957,000 after buying an additional 13,496 shares during the period. Piedmont Investment Advisors LLC boosted its stake in shares of Cognizant Technology Solutions Corporation by 0.9% in the first quarter. Piedmont Investment Advisors LLC now owns 128,152 shares of the information technology service provider’s stock valued at $7,628,000 after buying an additional 1,113 shares in the last quarter. Ballentine Partners LLC bought a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at $305,000. HM Payson & Co. bought a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter valued at $824,000. Finally, Boston Common Asset Management LLC boosted its stake in shares of Cognizant Technology Solutions Corporation by 0.7% in the first quarter. Boston Common Asset Management LLC now owns 93,308 shares of the information technology service provider’s stock valued at $5,554,000 after buying an additional 621 shares in the last quarter. 90.78% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) opened at 67.03 on Thursday. The company has a market capitalization of $39.48 billion, a price-to-earnings ratio of 24.38 and a beta of 1.14. The company’s 50-day moving average is $65.51 and its 200-day moving average is $59.56. Cognizant Technology Solutions Corporation has a 52-week low of $45.44 and a 52-week high of $67.88.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its quarterly earnings data on Friday, May 5th. The information technology service provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.09. The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.52 billion. Cognizant Technology Solutions Corporation had a net margin of 12.07% and a return on equity of 18.77%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 earnings per share. On average, analysts expect that Cognizant Technology Solutions Corporation will post $3.66 earnings per share for the current fiscal year.

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