Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.50-$4.68 for the period, compared to the consensus EPS estimate of $4.58. The company issued revenue guidance of $19.0-$19.8 billion, compared to the consensus revenue estimate of $19.70 billion.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on CTSH. JPMorgan Chase & Co. cut their price objective on Cognizant Technology Solutions from $77.00 to $72.00 and set a neutral rating on the stock in a research report on Thursday, November 2nd. BMO Capital Markets decreased their price objective on shares of Cognizant Technology Solutions from $78.00 to $73.00 and set a market perform rating for the company in a report on Friday, November 3rd. UBS Group assumed coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, November 7th. They set a neutral rating and a $70.00 price target on the stock. Barclays raised their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an equal weight rating in a report on Tuesday, January 23rd. Finally, Redburn Atlantic began coverage on Cognizant Technology Solutions in a research report on Thursday, November 16th. They issued a neutral rating and a $68.00 target price for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $74.36.
Cognizant Technology Solutions Stock Up 1.5 %
Hedge Funds Weigh In On Cognizant Technology Solutions
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its holdings in shares of Cognizant Technology Solutions by 2.2% during the first quarter. State Street Corp now owns 22,415,954 shares of the information technology service provider’s stock valued at $1,365,793,000 after purchasing an additional 473,809 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Cognizant Technology Solutions by 84.6% during the 1st quarter. JPMorgan Chase & Co. now owns 13,148,963 shares of the information technology service provider’s stock valued at $801,166,000 after buying an additional 6,027,057 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cognizant Technology Solutions by 1.0% in the 1st quarter. Geode Capital Management LLC now owns 9,710,353 shares of the information technology service provider’s stock worth $590,394,000 after buying an additional 93,518 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of Cognizant Technology Solutions by 6.0% in the first quarter. Macquarie Group Ltd. now owns 7,461,555 shares of the information technology service provider’s stock worth $454,633,000 after acquiring an additional 424,988 shares during the period. Finally, Norges Bank purchased a new stake in Cognizant Technology Solutions during the fourth quarter valued at $374,413,000. 90.77% of the stock is owned by institutional investors.
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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