Cognizant Technology Solutions (CTSH) said on Thursday it has entered into agreements with Truist Bank and BNP Paribas to repurchase $500 million of its Class A common stock under an accelerated share repurchase program.
The IT services firm will receive about 7.8 million shares on Wednesday, with the final number of shares to be based on the volume- weighted average price of its stock less a discount.
The ASR is part of Cognizant's updated 2026 share repurchase plan announced on May 18.
In pre-market activity on Nasdaq, shares of Cognizant were up 0.52 percent, changing hands at $51.56, after closing Wednesday's regular session 0.83 percent higher.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.