Cognizant Technology Solutions Co. (NASDAQ:CTSH) Sees Significant Growth in Short Interest

by · The Markets Daily

Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Free Report) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 14,240,000 shares, a growth of 5.2% from the September 15th total of 13,530,000 shares. Currently, 2.9% of the shares of the company are short sold. Based on an average daily volume of 3,470,000 shares, the short-interest ratio is presently 4.1 days.

Insider Buying and Selling at Cognizant Technology Solutions

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the transaction, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Cognizant Technology Solutions

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Cognizant Technology Solutions by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock valued at $4,254,178,000 after buying an additional 6,933,908 shares in the last quarter. Pzena Investment Management LLC grew its holdings in Cognizant Technology Solutions by 11.7% in the 2nd quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after acquiring an additional 1,943,127 shares during the last quarter. Boston Partners increased its position in shares of Cognizant Technology Solutions by 1.3% in the first quarter. Boston Partners now owns 7,781,273 shares of the information technology service provider’s stock valued at $569,175,000 after acquiring an additional 101,078 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Cognizant Technology Solutions by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,565,974 shares of the information technology service provider’s stock worth $378,483,000 after buying an additional 94,209 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Cognizant Technology Solutions by 2.7% in the second quarter. Legal & General Group Plc now owns 5,340,480 shares of the information technology service provider’s stock valued at $363,153,000 after acquiring an additional 142,225 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 0.2 %

Shares of NASDAQ CTSH traded up $0.14 during midday trading on Thursday, hitting $77.74. 2,012,027 shares of the stock traded hands, compared to its average volume of 3,833,472. Cognizant Technology Solutions has a one year low of $62.14 and a one year high of $80.27. The company has a market cap of $38.65 billion, a PE ratio of 18.69, a P/E/G ratio of 2.16 and a beta of 1.05. The business has a 50 day moving average price of $76.32 and a two-hundred day moving average price of $71.63. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 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 net margin of 11.39% and a return on equity of 17.31%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the business posted $1.10 EPS. On average, equities analysts predict that Cognizant Technology Solutions will post 4.62 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.54%. Cognizant Technology Solutions’s payout ratio is 28.85%.

Wall Street Analysts Forecast Growth

CTSH has been the topic of a number of research analyst reports. Royal Bank of Canada raised their price target on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. lifted their price target on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. The Goldman Sachs Group restated a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. Finally, Barclays boosted their price target on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $77.44.

View Our Latest Research Report on CTSH

About Cognizant Technology Solutions

(Get Free Report)

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.

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