Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cognizant Technology Solutions Corp. shares valued at $69,350 were sold by Diaz Kathryn on Mar 12 ’24. At $77.06 per share, Diaz Kathryn sold 900 shares. The insider’s holdings dropped to 8,312 shares worth approximately $0.6 million following the completion of this transaction.
Also, Patsalos-Fox Michael sold 10,000 shares, netting a total of over 767,323 in proceeds. Following the sale of shares at $76.73 each, the insider now holds 54,695 shares.
Before that, Patsalos-Fox Michael had sold 6,926 shares from its account. In a trade valued at $434,875, the Director traded Cognizant Technology Solutions Corp. shares for $62.79 each. Upon closing the transaction, the insider’s holdings decreased to 6,926 shares, worth approximately $4.63 million.
As published in a research note from Susquehanna on April 01, 2024, Cognizant Technology Solutions Corp. [CTSH] has been rated down from a Positive to a Neutral and the price target has been revised to $80 from $87. Analysts at Guggenheim started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid March. As of January 30, 2024, Mizuho has initiated its “Neutral” rating for CTSH. Earlier on January 05, 2024, Societe Generale downgraded its rating. Their new recommendation was “a Sell” for CTSH stock which previously was a “a Hold”.
Analyzing CTSH Stock Performance
During the last five days, there has been a drop of approximately -2.73%. Over the course of the year, Cognizant Technology Solutions Corp. shares have dropped approximately -5.19%. Shares of the company reached a 52-week high of $80.09 on 02/23/24 and a 52-week low of $71.26 on 04/03/24. A 50-day SMA is recorded $76.42, while a 200-day SMA reached $71.08. Nevertheless, trading volume fell to 3.66 million shares from 3.75 million shares the previous day.
Support And Resistance Levels for Cognizant Technology Solutions Corp. (CTSH)
According to the 24-hour chart, there is a support level at 71.01, which, if violated, would cause prices to drop to 70.41. In the upper region, resistance lies at 72.51. The next price resistance is at 73.41. RSI (Relative Strength Index) is 32.95 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.35, which suggests the price will decrease in the coming days. Percent R is at 93.41%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Cognizant Technology Solutions Corp. subject to short interest?
Stocks of Cognizant Technology Solutions Corp. saw a sharp rise in short interest on Mar 15, 2024 jumping by 1.7 million shares to 10.53 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 8.83 million shares. A jump of 16.14% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.45 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.45.
