Nov 28 Activist investor Elliott Management Corp
disclosed a more than 4 percent stake in Cognizant Technology
Solutions and urged the IT services provider to take
steps to boost shareholder value.
"We believe that Cognizant can achieve a value of $80-$90+
per share by the end of 2017, representing upside of 50-69
percent in just over a year," Elliott Senior Portfolio Manager
Jesse Cohn said in a letter to Cognizant's board on Monday.
The company's shares rose 10.4 percent to $58.87 in
premarket trading. Up to Friday's close, the stock had fallen
about 11 percent this year.
Elliott, which also requested a meeting with Cognizant's
board, recommended that the company should repurchase $2.5
billion in shares over the first half of 2017.
(Reporting by Laharee Chatterjee in Bengaluru; Editing by