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 guidance of 4.560-4.640 for the period, compared to the consensus earnings per share 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 %

NASDAQ:CTSH opened at $75.35 on Thursday. The company’s 50 day moving average is $75.21 and its 200-day moving average is $71.43. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions has a 12 month low of $62.14 and a 12 month high of $80.27. The firm has a market cap of $37.46 billion, a price-to-earnings ratio of 18.11, a P/E/G ratio of 2.14 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced 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 the consensus estimate of $4.80 billion. During the same quarter last year, the firm posted $1.10 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis. Equities analysts anticipate that Cognizant Technology Solutions will post 4.62 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 annualized dividend and a dividend yield of 1.59%. Cognizant Technology Solutions’s dividend payout ratio is presently 28.85%.

Wall Street Analyst Weigh In

CTSH has been the topic of several recent analyst reports. Bank of America raised Cognizant Technology Solutions from an underperform rating to a neutral rating and lifted their price target for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. Robert W. Baird upped their target price on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a neutral rating in a research note on Thursday, August 1st. Daiwa America upgraded shares of Cognizant Technology Solutions to a hold rating in a research report on Tuesday, August 27th. Barclays upped their price objective on shares of 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. Finally, Jefferies Financial Group initiated coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a buy rating and a $90.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $77.44.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the business’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 sale, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.