Mumbai: Nasdaq-listed software services firm Cognizant Technology Solutions Corp. reported a share sale by its chief executive officer (CEO) Francisco D’Souza of 93,445 shares of the company’s stock in the open market at an average price of $62.04 with a total value of $5,797,327.80, in a filing to the US Securities and Exchange Commission (SEC), on 20 February.

Following the sale, D’Souza now owns 143,945 company shares valued at $8,930,337.80.

The share sale follows two prior instances of unloading of shares by D’Souza in the open market, in an SEC filing on 4 February when he unloaded 130,138 shares at an average price of $58.01 per share and a total value of $7,549,305; and another share sale on 29 December of 100,654 shares at an average price of $53.84, worth a total value of $5,419,211.36, as per an SEC filing.

A Cognizant company spokesperson could not be reached to ascertain the reason for the transactions.

On 4 February, Cognizant reported a 16.4% rise in revenue for the quarter ending 31 December to $2.74 billion, while net income rose to $362.9 million and earnings per share were reported at $0.67. The company also guided for a 19% revenue growth for the full year 2015 at $12.21 billion from $10.26 billion for the full year 2014.

According to industry reports in the US, several brokerage houses have upgraded Cognizant’s rating to “buy", following a good set of December quarter results.