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

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

Cognizant Technology Solutions Stock Up 0.6 %

Shares of Cognizant Technology Solutions stock traded up $0.50 on Monday, reaching $77.61. 628,127 shares of the company were exchanged, compared to its average volume of 3,812,015. Cognizant Technology Solutions has a 1-year low of $63.79 and a 1-year high of $82.41. The company has a market cap of $38.48 billion, a P/E 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 current ratio of 2.23 and a quick ratio of 2.23. The stock’s 50 day moving average price is $76.85 and its 200-day moving average price is $72.93.

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

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is presently 26.55%.

Hedge Funds Weigh In On Cognizant Technology Solutions

Institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new position in Cognizant Technology Solutions in the third quarter valued at approximately $1,972,000. Trinity Legacy Partners LLC boosted its holdings in Cognizant Technology Solutions by 14.3% in the third quarter. Trinity Legacy Partners LLC now owns 60,291 shares of the information technology service provider’s stock valued at $4,629,000 after purchasing an additional 7,547 shares in the last quarter. Blair William & Co. IL boosted its holdings in Cognizant Technology Solutions by 2.5% in the first quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock valued at $1,231,000 after purchasing an additional 412 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Cognizant Technology Solutions by 135.4% in the first quarter. Cetera Investment Advisers now owns 33,305 shares of the information technology service provider’s stock valued at $2,441,000 after purchasing an additional 19,157 shares in the last quarter. Finally, National Pension Service boosted its holdings in Cognizant Technology Solutions by 15.9% in the third quarter. National Pension Service now owns 907,902 shares of the information technology service provider’s stock valued at $70,072,000 after purchasing an additional 124,740 shares in the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CTSH shares. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, October 31st. Mizuho boosted their price objective on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, November 1st. The Goldman Sachs Group restated a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. JPMorgan Chase & Co. boosted their price objective on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. One 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus 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.