Cognizant Technology Solutions (NASDAQ:CTSH) Updates FY 2024 Earnings Guidance

Cognizant Technology Solutions (NASDAQ:CTSH) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.560-4.640 for the period, compared to the consensus earnings per share estimate of 4.650. The company issued revenue guidance of $19.5 billion-$19.8 billion, compared to the consensus revenue estimate of $19.5 billion. Cognizant Technology Solutions also updated its Q3 2024 guidance to EPS.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. StockNews.com cut Cognizant Technology Solutions from a buy rating to a hold rating in a research report on Saturday. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a buy rating and a $90.00 target price on the stock. Barclays increased their target price on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an equal weight rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group reaffirmed a neutral rating and set a $76.00 target price on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Finally, Bank of America raised Cognizant Technology Solutions from an underperform rating to a neutral rating and increased their target price for the company from $73.00 to $75.00 in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $77.44.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $75.64 on Friday. The firm has a market capitalization of $37.61 billion, a price-to-earnings ratio of 18.18, a price-to-earnings-growth ratio of 2.14 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46. The business has a fifty day moving average of $75.40 and a 200 day moving average of $71.38. Cognizant Technology Solutions has a 1 year low of $62.14 and a 1 year high of $80.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.05. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The company’s revenue was down .7% on a year-over-year basis. During the same quarter last year, the business posted $1.10 EPS. As a group, research analysts expect that Cognizant Technology Solutions will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.59%. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

Insider Buying and Selling at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of Cognizant Technology Solutions stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total transaction of $495,584.48. Following the completion of the transaction, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions Company Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.