Cognizant Technology Solutions
Cognizant disclosed a Maze ransomware attack on internal systems that caused service disruption for some clients.
-1.2% CTSH vs +2.9% SPY
This site shows how share prices moved after an incident became public. It does not prove that the incident caused the move. Company news, sector moves and the wider market can affect every result. Educational only — not investment advice.
Disclosure timing
When could the market react?
The baseline is the last adjusted close before the news was public. The reaction session is the first close afterward.
- 01Baseline sessionApr 17, 2020
Normalized to 100 for both CTSH and SPY.
- 02Public disclosureApr 18, 2020 · time unknown
Publication time is not documented; lower timing precision.
- 03First reaction closeApr 20, 2020
-2.4% company total return versus -1.8% for SPY; -0.6 pp market-relative return.
Disclosure time is unknown; the previous session close is used as baseline.
Time windows
Company vs SPY
Each row uses the last trading session on or before its target date. “Market-relative” is the company return minus the SPY return, in percentage points.
| Window | Endpoint | CTSH | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | Apr 20, 2020 | -2.4% | -1.8% | -0.6 pp | Below SPY |
| +7 days | Apr 24, 2020 | 0.0% | -1.3% | +1.3 pp | Above SPY |
| +1 month | May 18, 2020 | -1.2% | +2.9% | -4.2 pp | Below SPY |
| +3 months | Jul 17, 2020 | +14.6% | +12.7% | +1.9 pp | Above SPY |
| +6 months | Oct 16, 2020 | +37.4% | +22.2% | +15.2 pp | Above SPY |
| +12 months | Apr 16, 2021 | +51.9% | +47.9% | +4.0 pp | Above SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | -0.6 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | +1.3 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -4.2 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | +1.9 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | +15.2 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | +4.0 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
CTSH compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
Cognizant Technology Solutions had +51.9% company total return versus +47.9% for SPY; +4.0 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | CTSH | SPY |
|---|---|---|
| Apr 17, 2020 | 100.0 | 100.0 |
| May 18, 2020 | 98.8 | 102.9 |
| Jun 17, 2020 | 103.6 | 108.7 |
| Jul 17, 2020 | 114.6 | 112.7 |
| Aug 17, 2020 | 126.0 | 118.4 |
| Sep 16, 2020 | 132.4 | 118.7 |
| Oct 15, 2020 | 138.0 | 122.3 |
| Nov 13, 2020 | 144.5 | 126.0 |
| Dec 15, 2020 | 151.2 | 130.0 |
| Jan 15, 2021 | 150.7 | 132.7 |
| Feb 17, 2021 | 144.0 | 138.6 |
| Mar 18, 2021 | 143.9 | 138.3 |
| Apr 19, 2021 | 151.4 | 147.2 |
| May 18, 2021 | 133.7 | 146.0 |
| Jun 17, 2021 | 130.7 | 149.6 |
| Jul 19, 2021 | 125.6 | 151.1 |
| Aug 17, 2021 | 145.5 | 157.9 |
| Sep 16, 2021 | 145.5 | 159.0 |
| Oct 15, 2021 | 149.5 | 159.1 |
| Nov 15, 2021 | 155.4 | 166.8 |
| Dec 15, 2021 | 157.6 | 167.9 |
| Jan 14, 2022 | 165.8 | 166.4 |
| Feb 15, 2022 | 169.4 | 159.7 |
| Mar 17, 2022 | 172.8 | 157.9 |
| Apr 18, 2022 | 161.4 | 157.3 |
Price recovery
Recovered
Here, recovery only means that adjusted close reached the baseline again. It does not mean every effect of the incident ended.
- State
- Recovered
- Initial trough
- -5.2% on Apr 21, 2020
- Recovery close
- Apr 24, 2020
- Calendar days
- 6
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in CTSH with $1,000 in SPY, bought and measured on the same dates.
Entry Apr 21, 2020 Exit Oct 21, 2020
Uses fractional shares and adjusted close. Leaves out taxes, fees and slippage. The holding period starts on the purchase date. This is a historical illustration, not an investment strategy.
Case note
Cognizant confirmed that a security incident affecting internal systems was a Maze ransomware attack and said it was causing service disruption for some clients. Subsequent filings described response work and financial effects.
The disclosure occurred on a Saturday, so the Friday close is the baseline and the following Monday is the reaction session. The classification is ransomware even though later evidence also indicated data theft.
Evidence
Sources and case review
We qualify each case before checking its price results. These links support the disclosure date, listing, incident and business impact.
- primary Apr 20, 2020Cognizant April 18, 2020 Form 8-K Cognizant / U.S. SEC Supports: Disclosure, Listing, Impact, Description
- primary Apr 18, 2020Cognizant security update Cognizant Supports: Disclosure, Impact, Description
- Listing evidenceChecked Jul 20, 2026Cognizant April 18, 2020 Form 8-K U.S. Securities and Exchange Commission The event-period Form 8-K identifies Cognizant, its Nasdaq listing and the incident disclosure.
Why it is included. The issuer directly suffered a named ransomware attack that disrupted customer service and later produced a quantifiable financial impact, meeting operational and financial thresholds. Reviewed Jul 20, 2026.