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 (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.

Cognizant Technology Solutions Trading Down 1.1 %

Shares of Cognizant Technology Solutions stock opened at $75.35 on Thursday. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.04. The firm has a market cap of $37.46 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 2.14 and a beta of 1.05. Cognizant Technology Solutions has a twelve month low of $62.14 and a twelve month high of $80.27. The business has a 50-day moving average price of $75.21 and a 200-day moving average price of $71.43.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 EPS. Equities research analysts anticipate that Cognizant Technology Solutions will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were paid a $0.30 dividend. The ex-dividend date of this dividend 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%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CTSH shares. Needham & Company LLC reaffirmed a hold rating on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a buy rating and a $90.00 target price for the company. Mizuho restated a neutral rating and set a $82.00 price target on shares of Cognizant Technology Solutions in a report on Tuesday, June 11th. JPMorgan Chase & Co. raised their price target on Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a neutral rating in a research report on Friday, September 6th. Finally, Robert W. Baird boosted their price objective on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a neutral rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $77.44.

Insiders Place Their Bets

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s 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 transaction, the chief executive officer now owns 46,427 shares in the company, valued at $3,419,812.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.26% of the company’s stock.

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.