Cognizant Technology Solutions (NASDAQ:CTSH) Posts Earnings Results, Beats Expectations By $0.11 EPS

Cognizant Technology Solutions (NASDAQ:CTSH) announced its quarterly earnings data on Wednesday. The information technology service provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11, Briefing.com reports. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the previous year, the business earned $1.16 EPS. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. Cognizant Technology Solutions updated its FY24 guidance to $4.63-4.67 EPS and its Q4 2024 guidance to EPS.

Cognizant Technology Solutions Trading Up 2.2 %

CTSH stock traded up $1.61 during midday trading on Thursday, reaching $75.96. The company’s stock had a trading volume of 2,266,383 shares, compared to its average volume of 3,807,736. The firm has a market capitalization of $37.65 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 2.16 and a beta of 1.05. Cognizant Technology Solutions has a 1 year low of $62.14 and a 1 year high of $80.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. The stock has a fifty day simple moving average of $76.43 and a two-hundred day simple moving average of $71.93.

Insider Transactions 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 on 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 sale, the chief executive officer now directly owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CTSH. Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $73.00 to $75.00 in a research report on Wednesday, August 7th. Jefferies Financial Group started coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday. Royal Bank of Canada increased their price target on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 28th. Finally, Barclays lifted 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. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $77.68.

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.