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

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 4.500-4.680 for the period, compared to the consensus earnings per share estimate of 4.620. The company issued revenue guidance of $18.9 billion-$19.7 billion, compared to the consensus revenue estimate of $19.4 billion. Cognizant Technology Solutions also updated its FY24 guidance to $4.50-4.68 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CTSH. Jefferies Financial Group upgraded shares of Cognizant Technology Solutions from a hold rating to a buy rating and upped their target price for the company from $70.00 to $85.00 in a report on Thursday, January 11th. Barclays lowered their price objective on shares of Cognizant Technology Solutions from $80.00 to $75.00 and set an equal weight rating on the stock in a research report on Friday, April 26th. Guggenheim started coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, March 19th. They set a neutral rating and a $80.00 price objective on the stock. Evercore ISI raised their price objective on shares of Cognizant Technology Solutions from $65.00 to $70.00 and gave the stock an in-line rating in a research report on Tuesday, March 26th. Finally, Susquehanna reissued a neutral rating and set a $80.00 price objective (down from $87.00) on shares of Cognizant Technology Solutions in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $75.63.

Cognizant Technology Solutions Trading Down 0.5 %

CTSH stock traded down $0.31 during midday trading on Wednesday, reaching $65.37. 4,873,576 shares of the company's stock traded hands, compared to its average volume of 4,292,480. The company has a market capitalization of $32.54 billion, a P/E ratio of 15.56, a PEG ratio of 1.52 and a beta of 1.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.25 and a quick ratio of 2.25. Cognizant Technology Solutions has a fifty-two week low of $58.47 and a fifty-two week high of $80.09. The business has a 50-day moving average price of $73.09 and a two-hundred day moving average price of $72.56.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings results on Tuesday, February 6th. The information technology service provider reported $1.18 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.14. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The firm had revenue of $4.76 billion for the quarter, compared to analysts' expectations of $4.76 billion. During the same period in the previous year, the company posted $1.01 earnings per share. Cognizant Technology Solutions's revenue was down 1.7% compared to the same quarter last year. Equities research analysts forecast that Cognizant Technology Solutions will post 4.59 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were given a dividend of $0.30 per share. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Friday, February 16th. Cognizant Technology Solutions's payout ratio is presently 28.57%.

Insider Transactions at Cognizant Technology Solutions

In other news, EVP Kathryn Diaz sold 900 shares of the business's stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total transaction of $69,354.00. Following the transaction, the executive vice president now directly owns 8,312 shares of the company's stock, valued at $640,522.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.27% 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.

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