Cognizant Technology Solutions Co. (NASDAQ:CTSH) Sees Large Growth in Short Interest
Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Free Report) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 6,620,000 shares, a growth of 17.2% from the October 31st total of 5,650,000 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average daily volume of 3,030,000 shares, the days-to-cover ratio is currently 2.2 days.
Hedge Funds Weigh In On Cognizant Technology Solutions
A number of hedge funds have recently modified their holdings of the business. American Century Companies Inc. lifted its holdings in Cognizant Technology Solutions by 39.7% in the third quarter. American Century Companies Inc. now owns 819,805 shares of the information technology service provider’s stock valued at $55,534,000 after buying an additional 232,768 shares during the period. Creative Planning lifted its holdings in Cognizant Technology Solutions by 9.5% in the third quarter. Creative Planning now owns 36,838 shares of the information technology service provider’s stock valued at $2,495,000 after buying an additional 3,208 shares during the period. First Foundation Advisors lifted its holdings in Cognizant Technology Solutions by 7.8% in the third quarter. First Foundation Advisors now owns 3,474 shares of the information technology service provider’s stock valued at $235,000 after buying an additional 250 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in Cognizant Technology Solutions by 97.9% in the third quarter. Integrated Wealth Concepts LLC now owns 33,469 shares of the information technology service provider’s stock valued at $2,267,000 after buying an additional 16,558 shares during the period. Finally, Toroso Investments LLC lifted its holdings in Cognizant Technology Solutions by 10.7% in the third quarter. Toroso Investments LLC now owns 19,739 shares of the information technology service provider’s stock valued at $1,337,000 after buying an additional 1,913 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.
Cognizant Technology Solutions Trading Up 0.6 %
Shares of NASDAQ:CTSH traded up $0.44 during mid-day trading on Friday, reaching $70.82. 2,672,565 shares of the company’s stock were exchanged, compared to its average volume of 3,777,403. The firm has a market capitalization of $35.51 billion, a price-to-earnings ratio of 17.23, a PEG ratio of 1.81 and a beta of 1.08. The business’s fifty day moving average price is $67.31 and its 200-day moving average price is $67.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.23 and a current ratio of 2.23. Cognizant Technology Solutions has a twelve month low of $54.25 and a twelve month high of $72.71.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last issued its quarterly earnings results on Wednesday, November 1st. The information technology service provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.08. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.91 billion. Cognizant Technology Solutions had a net margin of 10.75% and a return on equity of 17.54%. Cognizant Technology Solutions’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.17 earnings per share. On average, research analysts predict that Cognizant Technology Solutions will post 4.4 EPS for the current fiscal year.
Cognizant Technology Solutions Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 30th. Stockholders of record on Tuesday, November 21st were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, November 20th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.64%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.22%.
Wall Street Analyst Weigh In
Several research analysts have recently commented on CTSH shares. Citigroup raised shares of Cognizant Technology Solutions from a “neutral” rating to a “buy” rating and raised their target price for the stock from $72.00 to $80.00 in a report on Friday, October 20th. StockNews.com initiated coverage on shares of Cognizant Technology Solutions in a research note on Thursday, October 5th. They issued a “buy” rating on the stock. Redburn Atlantic initiated coverage on shares of Cognizant Technology Solutions in a research note on Thursday, November 16th. They issued a “neutral” rating and a $68.00 price objective on the stock. Morgan Stanley decreased their price objective on shares of Cognizant Technology Solutions from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Cognizant Technology Solutions from $77.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, November 2nd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $68.94.
Check Out Our Latest Stock Analysis 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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