Activist investor Mantle Ridge builds a more than $1 billion stake in Cognizant: Report

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Activist investor Mantle Ridge has built a stake worth more than $1 billion in consultancy firm Cognizant Technology, saying its shares are undervalued, the Wall Street Journal reported on Friday.

Shares of the company, whose market capitalization stands at more than $41 billion, rose over 5% in extended trading.

Mantle Ridge started buying up shares of the company in the second half of 2022, when the stock was trading in the high $50 to low $60 per-share range, the report added.

The activist firm has been privately engaging with Cognizant about its…



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Activist investor Mantle Ridge builds a more than $1 billion stake in Cognizant: Report


Activist investor Mantle Ridge has built a stake worth more than $1 billion in consultancy firm Cognizant Technology, saying its shares are undervalued, the Wall Street Journal reported on Friday.

Shares of the company, whose market capitalization stands at more than $41 billion, rose over 5% in extended trading.

Mantle Ridge started buying up shares of the company in the second half of 2022, when the stock was trading in the high $50 to low $60 per-share range, the report added.

The activist firm has been privately engaging with Cognizant about its…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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