Cognizant Technology Solutions Corp (CTSH) reported a profit that topped market estimates for the sixth straight quarter, helped by a surge in discretionary projects, and raised its outlook for the year. Shares of the IT services provider were up 5 percent in trading before the bell.
Shares of Cognizant Technology Solutions traded at a new 52-week high today of $63.94. Approximately 3.1 million shares have traded hands today vs. average 30-day volume of 3.5 million shares. Cognizant Technology Solutions is currently trading at $60.85, approximately 16.6% above its 50-day moving average of $52.17. SmarTrend will be monitoring shares of CTSH to see if this bullish momentum will continue.
The company saw robust spending from clients across all its business segments and geographies. The results show that its financial services customers, the worst hit during the recession, are starting to spend again. Financial services, the company’s biggest segment, contributed 41.5 percent to first-quarter revenue.