In the market the company is trading up by 0.57% since yesterday’s close of $67.6. Company chares are trading at $67.99 which is slightly above $66.43, the 50 day moving average and a bit higher than the 200 day moving average of $60.07. The 50 day moving average went up $1.76 or +2.65% and the 200 day average moved up $8.12.
Investors are feeling more bullish on the company recently if you take a look at the fall in short interest. The stock experienced a fall in short interest of -9.61% between June 15, 2017 and May 31, 2017. Short interest fell from 13,839,491 to 12,509,207 over that period. Days to cover decreased -0.7 to 2.9 and the percentage of shorted shares is 0.02% as of May 31.
Here is the rundown on market activity for Cognizant Technology Solutions (NASDAQ:CTSH). Dharmendra Kumar Sinha, President Global Client Serv. disclosed the sale of 6,597 shares of (CTSH). The shares were sold on June 21st for an average price of $68.00. Sinha now owns $792,948 of the stock per the Form 4 SEC filing. EVP Corporate Development Allen Shaheen sold 4,186 shares at an average price of $67.56 on June 6th. The EVP Corporate Development now owns $29,862 of the stock per an SEC filing yesterday.
Gajakarnan Vibushanan Kandiah, President – Digital Business disclosed the sale of 10,000 shares. The shares were purchased at an average price of $67.44. The President – Digital Business now owns $1,046,264 of the stock according to the SEC filing.
Cognizant Technology Solutions Corporation, launched on April 6, 1988, is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Business’s services include consulting and technology services and outsourcing services. Its consulting and technology services include business, process, operations and technology consulting, application development and systems integrations, application testing, enterprise information management and software solutions and related services. Its outsourcing services include application maintenance, IT infrastructure services and business process services. The Company deploys a range of commercial and delivery models, including managed services, fixed bid, output and outcome based pricing and platforms to address the various needs of its customers..
These funds have also shifted positions in (CTSH). Gateway Investment Advisers LLC trimmed its ownership by selling 7,605 shares a decrease of 1.9% from 03/31/2017 to 06/30/2017. Gateway Investment Advisers LLC now controls 401,899 shares worth $26,686,000. The value of the position overall is up by 9.5%. As of quarter end Hartwell J M Limited Partnership had disposed of 2,700 shares trimming its holdings by 0.6%. The value of the investment in CTSH went from $26,495,000 to $29,379,000 a change of 10.9% for the reporting period.
Gw&k Investment Management, LLC reduced its investment by shedding 4,380 shares a decrease of 2.1%. Gw&k Investment Management, LLC controls 201,260 shares valued at $13,364,000. The total value of its holdings increased 9.2%. Atria Investments LLC downsized its holdings by selling 1,691 shares a decrease of 6.3% as of 06/30/2017. Atria Investments LLC currently owns 25,121 shares with a value of $1,668,000. The total value of its holdings increased 4.5%.
On June 5, 2017 the stock rating was changed to a “Hold” according to a Societe Generale report which was a cut from the previous “Buy” rating. On November 23 the company was downgraded from “Outperform” to “Market Perform” in a report from William Blair.
Bank of America lowered the price target and downgraded the stock on November 22 changing the price objective from $60.00 to $48.00 and changing the rating from “Buy” to “Underperform”. On November 22 the stock rating was downgraded to “Underperform” from “Buy” with a current price target of $48.00 by Bank of America.
On September 30, 2016 HSBC began coverage by announcing an initial rating of “Buy”. On September 30 the stock rating was downgraded to “Buy” from “Buy” in a statement from Citigroup.
Additionally Cognizant Technology Solutions recently announced a dividend for shareholders that was paid on Wednesday May 31st, 2017. The dividend was $0.150 per share for the quarter which is $0.60 annualized. This dividend amount represented a yeild of $0.90. The ex-dividend date was set for Thursday the 18th of May 2017.
Cognizant Technology Solutions ‘s P/E ratio is 24.81 and the market cap is 40.16B. In the last earnings report the EPS was $2.75 and is estimated to be $3.66 for the current year with 588,996,000 shares now outstanding. Next quarter’s EPS is estimated at $0.95 with next year’s EPS projected to be $4.32.