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

Cognizant Technology Solutions Co. (NASDAQ:CTSH) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 15,490,000 shares, a growth of 13.0% from the October 15th total of 13,710,000 shares. Approximately 3.1% of the shares of the company are short sold. Based on an average daily volume of 3,000,000 shares, the days-to-cover ratio is currently 5.2 days.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock traded up $0.50 during trading on Monday, reaching $77.61. The company had a trading volume of 628,127 shares, compared to its average volume of 3,812,015. The firm’s 50-day simple moving average is $76.85 and its 200 day simple moving average is $72.93. Cognizant Technology Solutions has a 1-year low of $63.79 and a 1-year high of $82.41. The firm has a market capitalization of $38.48 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 2.13 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The company had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the company posted $1.16 EPS. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts anticipate that Cognizant Technology Solutions will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $1.20 annualized dividend and a yield of 1.55%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

Institutional Investors Weigh In On Cognizant Technology Solutions

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new stake in Cognizant Technology Solutions during the 3rd quarter worth $1,972,000. Trinity Legacy Partners LLC boosted its position in shares of Cognizant Technology Solutions by 14.3% during the 3rd quarter. Trinity Legacy Partners LLC now owns 60,291 shares of the information technology service provider’s stock valued at $4,629,000 after acquiring an additional 7,547 shares during the last quarter. Blair William & Co. IL boosted its position in shares of Cognizant Technology Solutions by 2.5% during the 1st quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock valued at $1,231,000 after acquiring an additional 412 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Cognizant Technology Solutions by 135.4% during the 1st quarter. Cetera Investment Advisers now owns 33,305 shares of the information technology service provider’s stock valued at $2,441,000 after acquiring an additional 19,157 shares during the last quarter. Finally, National Pension Service boosted its position in shares of Cognizant Technology Solutions by 15.9% during the 3rd quarter. National Pension Service now owns 907,902 shares of the information technology service provider’s stock valued at $70,072,000 after acquiring an additional 124,740 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on CTSH shares. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Bank of America raised shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. TD Cowen raised their price target on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, October 31st. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their price target on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $79.47.

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.