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 Stock Up 0.6 %

Cognizant Technology Solutions stock opened at $75.64 on Friday. The company’s 50-day moving average price is $75.40 and its two-hundred day moving average price 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. The stock has a market cap of $37.61 billion, a P/E ratio of 18.18, a P/E/G 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.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.05. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business’s revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.10 EPS. As a group, analysts expect that Cognizant Technology Solutions will post 4.62 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have recently commented on CTSH. Royal Bank of Canada upped their price objective on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a sector perform rating in a research note on Wednesday, August 28th. Daiwa America upgraded Cognizant Technology Solutions to a hold rating in a report on Tuesday, August 27th. Barclays boosted their price objective on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an equal weight rating in a research note on Tuesday, July 23rd. Mizuho reaffirmed a neutral rating and set a $82.00 target price on shares of Cognizant Technology Solutions in a research note on Tuesday, June 11th. Finally, Jefferies Financial Group began 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. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average target price of $77.44.

Insider Activity

In related 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 value of $495,584.48. Following the completion of the sale, 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 filing with the SEC, which can be accessed through this link. Corporate 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.