Cognizant Technology Solutions Corp (NASDAQ:CTSH) Short Interest Down 15.2% in October

Cognizant Technology Solutions Corp (NASDAQ:CTSH) was the recipient of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 8,230,000 shares, a decrease of 15.2% from the September 30th total of 9,700,000 shares. Based on an average daily volume of 3,000,000 shares, the short-interest ratio is presently 2.7 days. Currently, 1.5% of the shares of the stock are short sold.

A number of brokerages have recently issued reports on CTSH. Barclays reduced their price objective on shares of Cognizant Technology Solutions from $64.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday, November 4th. Citigroup reduced their price objective on shares of Cognizant Technology Solutions from $76.00 to $69.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Robert W. Baird set a $76.00 target price on shares of Cognizant Technology Solutions and gave the stock a “buy” rating in a research report on Friday, September 6th. HSBC lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating and dropped their target price for the stock from $72.00 to $70.00 in a research report on Tuesday, July 23rd. Finally, Credit Suisse Group dropped their target price on shares of Cognizant Technology Solutions from $83.00 to $81.00 and set an “outperform” rating for the company in a research report on Monday, September 23rd. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $71.48.

In other news, insider Malcolm Frank sold 678 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $62.22, for a total value of $42,185.16. Following the completion of the sale, the insider now directly owns 32,402 shares of the company’s stock, valued at $2,016,052.44. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Matthew W. Friedrich sold 452 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $64.29, for a total transaction of $29,059.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,823 shares of company stock valued at $1,169,337. Corporate insiders own 0.56% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cedar Capital LLC boosted its holdings in shares of Cognizant Technology Solutions by 12.4% in the 2nd quarter. Cedar Capital LLC now owns 31,533 shares of the information technology service provider’s stock valued at $1,999,000 after buying an additional 3,486 shares in the last quarter. MU Investments Co. Ltd. boosted its holdings in shares of Cognizant Technology Solutions by 2.0% in the 2nd quarter. MU Investments Co. Ltd. now owns 86,700 shares of the information technology service provider’s stock valued at $5,467,000 after buying an additional 1,700 shares in the last quarter. Fiera Capital Corp boosted its holdings in shares of Cognizant Technology Solutions by 2.2% in the 2nd quarter. Fiera Capital Corp now owns 285,226 shares of the information technology service provider’s stock valued at $18,080,000 after buying an additional 6,190 shares in the last quarter. Johnson Financial Group Inc. boosted its holdings in shares of Cognizant Technology Solutions by 76.5% in the 2nd quarter. Johnson Financial Group Inc. now owns 4,107 shares of the information technology service provider’s stock valued at $260,000 after buying an additional 1,780 shares in the last quarter. Finally, Dupont Capital Management Corp bought a new stake in shares of Cognizant Technology Solutions in the 3rd quarter valued at about $476,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

CTSH stock traded up $0.27 during trading on Friday, hitting $63.38. 2,550,200 shares of the company’s stock traded hands, compared to its average volume of 2,873,564. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.53 and a current ratio of 2.53. The stock has a market capitalization of $34.23 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 1.43 and a beta of 1.05. The business has a fifty day simple moving average of $60.89 and a 200 day simple moving average of $62.44. Cognizant Technology Solutions has a 52 week low of $56.73 and a 52 week high of $74.85.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, October 30th. The information technology service provider reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. The business had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.21 billion. Cognizant Technology Solutions had a net margin of 12.60% and a return on equity of 20.23%. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 EPS. Research analysts forecast that Cognizant Technology Solutions will post 3.97 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Monday, November 18th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 19.90%.

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 analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.

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