Cognizant Technology Solutions (NASDAQ:CTSH) Announces Quarterly Earnings Results

Cognizant Technology Solutions (NASDAQ:CTSH) issued its quarterly earnings data on Wednesday. The information technology service provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.14 by $0.11, Briefing.com reports. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.37% and a net margin of 11.60%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.16 EPS. Cognizant Technology Solutions updated its FY24 guidance to $4.63-4.67 EPS and its Q4 2024 guidance to EPS.

Cognizant Technology Solutions Trading Down 1.2 %

Shares of NASDAQ CTSH traded down $0.89 on Friday, reaching $73.70. 1,090,475 shares of the company traded hands, compared to its average volume of 3,812,881. Cognizant Technology Solutions has a fifty-two week low of $62.14 and a fifty-two week high of $80.27. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $76.40 and a 200 day moving average of $71.94. The stock has a market capitalization of $36.53 billion, a PE ratio of 16.50, a P/E/G ratio of 2.09 and a beta of 1.05.

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $1.20 annualized dividend and a yield of 1.63%. Cognizant Technology Solutions’s payout ratio is currently 26.55%.

Insider Buying and Selling at Cognizant Technology Solutions

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the sale, the chief executive officer now owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.26% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and raised their target price for the company from $73.00 to $75.00 in a research report on Wednesday, August 7th. StockNews.com cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Thursday. TD Cowen lifted their price target on Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus price target of $77.60.

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.