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

Cognizant Technology Solutions Co. (NASDAQ:CTSH) was the target of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 17,960,000 shares, a growth of 11.6% from the November 15th total of 16,090,000 shares. Currently, 3.6% of the shares of the stock are short sold. Based on an average daily volume of 3,160,000 shares, the days-to-cover ratio is currently 5.7 days.

Cognizant Technology Solutions Stock Down 0.4 %

Shares of Cognizant Technology Solutions stock opened at $80.06 on Friday. Cognizant Technology Solutions has a twelve month low of $63.79 and a twelve month high of $82.41. The stock has a market cap of $39.70 billion, a price-to-earnings ratio of 17.71, a price-to-earnings-growth ratio of 2.24 and a beta of 1.06. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average price of $78.25 and a 200 day moving average price of $74.57.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.10. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.16 earnings per share. Equities research analysts forecast that Cognizant Technology Solutions will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Tuesday, November 19th. Cognizant Technology Solutions’s payout ratio is 26.55%.

Insider Activity

In related news, CAO John Sunshin Kim sold 5,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total transaction of $400,550.00. Following the sale, the chief accounting officer now owns 39,022 shares of the company’s stock, valued at $3,126,052.42. This trade represents a 11.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Cognizant Technology Solutions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cibc World Market Inc. lifted its stake in shares of Cognizant Technology Solutions by 19,850.5% in the second quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock worth $205,096,000 after acquiring an additional 3,000,996 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of 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 valued at $1,265,473,000 after purchasing an additional 1,943,127 shares in the last quarter. Bank of Montreal Can raised its position in shares of Cognizant Technology Solutions by 152.8% in the 2nd quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider’s stock valued at $146,132,000 after purchasing an additional 1,281,236 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Cognizant Technology Solutions by 276.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock valued at $122,603,000 after buying an additional 1,167,033 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Cognizant Technology Solutions by 146.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,644,723 shares of the information technology service provider’s stock worth $126,940,000 after buying an additional 978,579 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Robert W. Baird lifted their target price on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, October 31st. StockNews.com cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $76.00 target price on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus price target of $79.47.

Cognizant Technology Solutions Company Profile

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.