Short Interest in Cognizant Technology Solutions Co. (NASDAQ:CTSH) Increases By 26.5%

Cognizant Technology Solutions Co. (NASDAQ:CTSH) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 13,320,000 shares, an increase of 26.5% from the March 15th total of 10,530,000 shares. Based on an average trading volume of 4,520,000 shares, the days-to-cover ratio is currently 2.9 days. Currently, 2.7% of the shares of the stock are sold short.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, EVP Kathryn Diaz sold 900 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the sale, the executive vice president now owns 8,312 shares of the company’s stock, valued at approximately $640,522.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Cognizant Technology Solutions

Institutional investors have recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC acquired a new stake in Cognizant Technology Solutions in the 4th quarter valued at about $26,000. NBC Securities Inc. acquired a new stake in shares of Cognizant Technology Solutions in the third quarter valued at approximately $27,000. Spire Wealth Management increased its holdings in shares of Cognizant Technology Solutions by 79.1% during the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock worth $34,000 after acquiring an additional 193 shares during the last quarter. Neo Ivy Capital Management bought a new stake in Cognizant Technology Solutions in the 4th quarter valued at $40,000. Finally, Parkside Financial Bank & Trust lifted its holdings in Cognizant Technology Solutions by 33.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 630 shares of the information technology service provider’s stock valued at $41,000 after purchasing an additional 158 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Down 1.2 %

NASDAQ CTSH traded down $0.84 during trading on Monday, hitting $68.42. The stock had a trading volume of 2,953,751 shares, compared to its average volume of 4,388,863. The company has a market capitalization of $34.06 billion, a PE ratio of 16.59, a P/E/G ratio of 1.58 and a beta of 1.06. Cognizant Technology Solutions has a 12 month low of $58.09 and a 12 month high of $80.09. The company’s 50-day moving average price is $75.47 and its two-hundred day moving average price is $72.58. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.25 and a current ratio of 2.25.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Tuesday, February 6th. The information technology service provider reported $1.18 EPS for the quarter, topping the consensus estimate of $1.04 by $0.14. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The business had revenue of $4.76 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts forecast that Cognizant Technology Solutions will post 4.6 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were given a dividend of $0.30 per share. The ex-dividend date was Friday, February 16th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a yield of 1.75%. Cognizant Technology Solutions’s dividend payout ratio is 28.57%.

Analyst Ratings Changes

CTSH has been the subject of a number of research analyst reports. Societe Generale reaffirmed a “sell” rating and issued a $67.00 price target on shares of Cognizant Technology Solutions in a report on Friday, January 5th. Wedbush upped their price target on Cognizant Technology Solutions from $75.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, December 26th. Citigroup upped their price target on Cognizant Technology Solutions from $76.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Royal Bank of Canada lifted their price objective on shares of Cognizant Technology Solutions from $74.00 to $77.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 7th. Finally, Mizuho began coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, January 30th. They issued a “neutral” rating and a $82.00 target price for the company. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Cognizant Technology Solutions has an average rating of “Hold” and an average price target of $75.65.

About Cognizant Technology Solutions

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.