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

Cognizant Technology Solutions (NASDAQ:CTSH) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.56-4.64 for the period, compared to the consensus earnings per share 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.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barclays upped their price objective on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an equal weight rating in a report on Tuesday, July 23rd. Royal Bank of Canada raised their price target on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a sector perform rating in a report on Wednesday. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a report on Wednesday. They set a buy rating and a $90.00 price objective for the company. StockNews.com raised shares of Cognizant Technology Solutions from a hold rating to a buy rating in a research note on Thursday, August 22nd. Finally, Robert W. Baird boosted their price target on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a neutral rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $76.61.

Cognizant Technology Solutions Trading Up 0.4 %

CTSH opened at $77.14 on Friday. The firm’s fifty day simple moving average is $72.61 and its 200 day simple moving average is $71.55. The stock has a market capitalization of $38.35 billion, a P/E ratio of 18.54, a P/E/G ratio of 2.26 and a beta of 1.05. The company has a current ratio of 2.46, a quick ratio of 2.35 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.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted 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. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, research analysts anticipate that Cognizant Technology Solutions will post 4.65 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. Stockholders of record on Tuesday, August 20th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s dividend payout ratio is presently 28.85%.

Insider Activity at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of the 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 sale, the chief executive officer now owns 46,427 shares in the company, valued at $3,419,812.82. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.26% of the stock is owned by insiders.

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.