Do Cognizant Executives Know Something We Don't?
Cognizant Technology Solutions Corp. (NASDAQ:CTSH) issued its quarterly financial reports on August 6, which indicated its earnings beat what was expected from analysts. Although the results sent the company's shares up by double-digit percentage points, it still doesn't appear to be enough for the company's executives.
Information technology provider Cognizant reported earnings of 88 cents per share on revenue of $1.8 billion, beating analysts' estimates for 81 cents per share on revenue of $1.79 billion. The report appears to have assured analysts, who are telling their clients Cognizant is a resilient company.
"We acknowledge that we are not out of the woods yet; however, Cognizant is a name that performs well coming out of a downturn. It has an excellent record of execution," wrote Joseph Foresi of Janney Capital Markets in a note to clients.
However, insider trading activity from the company may suggest otherwise. According to insider trading reports filed with the SEC, company officials have sold $588,100 worth of shares in the last three months.
What do you think these sellers know that the public doesn't?
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