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

Cognizant Technology Solutions (NASDAQ:CTSHGet Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 4.500-4.680 for the period, compared to the consensus estimate of 4.620. The company issued revenue guidance of $19.0 billion-$19.8 billion, compared to the consensus revenue estimate of $19.8 billion. Cognizant Technology Solutions also updated its FY24 guidance to $4.50-$4.68 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. cut their target price on shares of Cognizant Technology Solutions from $77.00 to $72.00 and set a neutral rating on the stock in a research note on Thursday, November 2nd. Wedbush raised their price target on shares of Cognizant Technology Solutions from $75.00 to $85.00 and gave the company an outperform rating in a report on Tuesday, December 26th. Redburn Atlantic initiated coverage on shares of Cognizant Technology Solutions in a report on Thursday, November 16th. They set a neutral rating and a $68.00 price target for the company. Citigroup raised their price target on shares of Cognizant Technology Solutions from $76.00 to $90.00 and gave the company a buy rating in a report on Wednesday, January 17th. Finally, Morgan Stanley lowered their price target on shares of Cognizant Technology Solutions from $68.00 to $65.00 and set an equal weight rating for the company in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $74.36.

Get Our Latest Research Report on CTSH

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ CTSH traded up $1.14 during midday trading on Tuesday, hitting $78.73. The company’s stock had a trading volume of 6,511,944 shares, compared to its average volume of 3,779,841. Cognizant Technology Solutions has a 1-year low of $56.45 and a 1-year high of $78.93. The firm’s fifty day moving average price is $74.66 and its 200-day moving average price is $70.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.23 and a current ratio of 2.23. The firm has a market cap of $39.48 billion, a P/E ratio of 18.88, a P/E/G ratio of 1.92 and a beta of 1.08.

Institutional Trading of Cognizant Technology Solutions

Several hedge funds have recently bought and sold shares of the company. Zions Bancorporation N.A. lifted its stake in Cognizant Technology Solutions by 29.9% in the first quarter. Zions Bancorporation N.A. now owns 651 shares of the information technology service provider’s stock valued at $58,000 after acquiring an additional 150 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Cognizant Technology Solutions by 33.5% in the second quarter. Parkside Financial Bank & Trust now owns 630 shares of the information technology service provider’s stock valued at $41,000 after acquiring an additional 158 shares during the last quarter. Snowden Capital Advisors LLC lifted its stake in Cognizant Technology Solutions by 4.0% in the second quarter. Snowden Capital Advisors LLC now owns 4,563 shares of the information technology service provider’s stock valued at $298,000 after acquiring an additional 177 shares during the last quarter. Penserra Capital Management LLC lifted its stake in Cognizant Technology Solutions by 8.0% in the first quarter. Penserra Capital Management LLC now owns 2,541 shares of the information technology service provider’s stock valued at $227,000 after acquiring an additional 189 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its stake in Cognizant Technology Solutions by 3.6% in the first quarter. Evergreen Capital Management LLC now owns 5,460 shares of the information technology service provider’s stock valued at $490,000 after acquiring an additional 191 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Company Profile

(Get Free Report)

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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Earnings History and Estimates for Cognizant Technology Solutions (NASDAQ:CTSH)

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