Cognizant Technology Solutions (NASDAQ:CTSH) Updates FY24 Earnings Guidance

Cognizant Technology Solutions (NASDAQ:CTSH) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.56-4.64 for the period, compared to the consensus EPS estimate of $4.65. The company issued revenue guidance of $19.5-19.8 billion, compared to the consensus revenue estimate of $19.44 billion.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock opened at $76.81 on Tuesday. Cognizant Technology Solutions has a 52 week low of $62.14 and a 52 week high of $80.27. The company’s 50 day moving average price is $72.17 and its two-hundred day moving average price is $71.51. The company has a quick ratio of 2.35, a current ratio of 2.46 and a debt-to-equity ratio of 0.04. The stock has a market cap of $38.19 billion, a P/E ratio of 18.46, a P/E/G ratio of 2.26 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.12 by $0.05. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter last year, the firm earned $1.10 EPS. The company’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities analysts predict that Cognizant Technology Solutions will post 4.65 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, August 20th. This represents a $1.20 annualized dividend and a dividend yield of 1.56%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Wall Street Analysts Forecast Growth

CTSH has been the topic of a number of research reports. Barclays lifted 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 report on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on shares of Cognizant Technology Solutions in a report on Monday, June 24th. They issued a neutral rating and a $72.00 price target on the stock. Robert W. Baird lifted their price target on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a neutral rating in a report on Thursday, August 1st. Royal Bank of Canada lifted their price target on shares of Cognizant Technology Solutions from $77.00 to $81.00 and gave the stock a sector perform rating in a report on Thursday, August 1st. Finally, Mizuho reaffirmed a neutral rating and issued a $82.00 price target on shares of Cognizant Technology Solutions in a report on Tuesday, June 11th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Cognizant Technology Solutions has an average rating of Hold and an average price target of $76.06.

Insider Activity

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were 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 $3,419,812.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.