Cognizant Technology Solutions Corp. (NASDAQ: CTSH) announced it has entered into accelerated share repurchase agreements with Truist Bank and BNP Paribas to buy back $500 million of its Class A common stock.

The technology services company said approximately 7.8 million shares will be delivered to Cognizant on May 21, 2026. The final number of shares repurchased will depend on the volume-weighted average stock price of Cognizant's Class A common stock, less a discount and subject to potential adjustments under the agreement terms.

The accelerated share repurchase is part of Cognizant's updated 2026 share repurchase plan that was announced on May 18, 2026, according to the company's statement.

Cognizant describes itself as an AI builder and technology services provider. The Teaneck, New Jersey-based company trades on the Nasdaq stock exchange.