Cognizant Climbs After Affirming Forecast, Boosting BuybacksNick Turner
Cognizant Technology Solutions Corp., a provider of consulting and outsourcing services, rose the most in nine months after reaffirming its annual forecast and increasing its stock buyback program.
The shares gained 5 percent to $68.15 in New York trading after Cognizant’s quarterly results were released this morning, marking the biggest one-day increase since Aug. 6. The stock has declined 7.8 percent this year.
The Teaneck, New Jersey-based company reiterated a projection for annual revenue to rise at least 17 percent to $8.6 billion, saying its customer relationships were helping it lead the industry in sales growth. Cognizant also increased its repurchase program by $500 million to $1.5 billion.
“Our performance during the first quarter was strong, and we are encouraged by the healthy demand for our broad range of services,” Chief Executive Officer Francisco D’Souza said in a statement.