Cognizant Technology Solutions Corp Sees Large Increase in Short Interest (CTSH)
Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) were the target of a large increase in short interest in June. As of June 30th, there was short interest totalling 12,004,304 shares, an increase of 15.3% from the June 13th total of 10,413,570 shares, American Banking & Market News reports. Based on an average trading volume of 3,385,451 shares, the days-to-cover ratio is currently 3.5 days. Currently, 2.0% of the company’s shares are short sold.
A number of analysts have recently weighed in on CTSH shares. Analysts at Morgan Stanley initiated coverage on shares of Cognizant Technology Solutions Corp in a research note on Wednesday, July 9th. They set an “overweight” rating on the stock. Separately, analysts at Susquehanna downgraded shares of Cognizant Technology Solutions Corp from a “positive” rating to a “neutral” rating in a research note on Tuesday, June 10th. They now have a $55.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Deutsche Bank cut their price target on shares of Cognizant Technology Solutions Corp in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Cognizant Technology Solutions Corp has a consensus rating of “Buy” and a consensus price target of $50.96.
Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) opened at 49.51 on Wednesday. Cognizant Technology Solutions Corp has a 52 week low of $35.00 and a 52 week high of $54.00. The stock’s 50-day moving average is $49.09 and its 200-day moving average is $49.41. The company has a market cap of $30.125 billion and a P/E ratio of 23.62.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) is a provider of custom information technology, consulting and business process outsourcing services.
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