Cognizant Technology Solutions (NASDAQ:CTSH) Issues Quarterly Earnings Results

Cognizant Technology Solutions (NASDAQ:CTSH) posted its quarterly earnings data on Wednesday. The information technology service provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.15 by $0.10, Briefing.com reports. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the business posted $1.16 EPS. Cognizant Technology Solutions updated its FY24 guidance to $4.63-4.67 EPS and its Q4 2024 guidance to EPS.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ CTSH opened at $74.61 on Friday. The stock has a market cap of $36.98 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 2.08 and a beta of 1.05. Cognizant Technology Solutions has a fifty-two week low of $62.14 and a fifty-two week high of $80.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.46 and a current ratio of 2.23. The stock has a fifty day moving average of $76.36 and a 200-day moving average of $72.02.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analyst Weigh In

Several research firms have commented on CTSH. StockNews.com lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Thursday. The Goldman Sachs Group reiterated a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. TD Cowen increased their price objective on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. increased their price objective on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Finally, Barclays raised their price target on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.37.

Insider Activity

In other 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 value of $495,584.48. Following the completion of the transaction, the chief executive officer now directly owns 46,427 shares in the company, valued at approximately $3,419,812.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is owned by company insiders.

About Cognizant Technology Solutions

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.