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

Cognizant Technology Solutions (NASDAQ:CTSH) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 4.560-4.640 for the period, compared to the consensus 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 research firms recently issued reports on CTSH. Barclays lifted their price objective on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an equal weight rating in a report on Tuesday, July 23rd. The Goldman Sachs Group reiterated a neutral rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. JPMorgan Chase & Co. lifted their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a neutral rating in a report on Friday, September 6th. Mizuho reiterated a neutral rating and issued a $82.00 price objective on shares of Cognizant Technology Solutions in a report on Tuesday, June 11th. Finally, Bank of America upgraded Cognizant Technology Solutions from an underperform rating to a neutral rating and lifted their price objective for the stock from $73.00 to $75.00 in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $77.44.

Cognizant Technology Solutions Stock Up 0.6 %

CTSH stock opened at $75.64 on Friday. The firm has a market cap of $37.61 billion, a PE ratio of 18.18, a PEG ratio of 2.14 and a beta of 1.05. 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 firm’s 50 day moving average price is $75.40 and its 200-day moving average price is $71.38. Cognizant Technology Solutions has a one year low of $62.14 and a one year high of $80.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.12 by $0.05. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 EPS. On average, equities research analysts anticipate that Cognizant Technology Solutions will post 4.62 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s payout ratio is 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 the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the sale, the chief executive officer now owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is owned by corporate insiders.

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.