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

Cognizant Technology Solutions (NASDAQ:CTSH) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 4.620-4.700 for the period, compared to the consensus estimate of 4.620. The company issued revenue guidance of $19.3 billion-$19.5 billion, compared to the consensus revenue estimate of $19.4 billion. Cognizant Technology Solutions also updated its FY24 guidance to $4.62-$4.70 EPS.

Cognizant Technology Solutions Trading Down 0.2 %

NASDAQ:CTSH traded down $0.14 on Wednesday, reaching $75.68. 3,859,937 shares of the company’s stock were exchanged, compared to its average volume of 4,136,011. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $37.63 billion, a price-to-earnings ratio of 18.19, a price-to-earnings-growth ratio of 2.23 and a beta of 1.05. The business has a fifty day moving average of $69.08 and a 200-day moving average of $71.87. Cognizant Technology Solutions has a 52-week low of $62.14 and a 52-week high of $80.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.01. The company had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.72 billion. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.11 earnings per share. As a group, analysts expect that Cognizant Technology Solutions will post 4.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CTSH shares. The Goldman Sachs Group initiated coverage on shares of Cognizant Technology Solutions in a research note on Monday, June 24th. They set a neutral rating and a $72.00 price target on the stock. Susquehanna cut their target price on shares of Cognizant Technology Solutions from $80.00 to $78.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Needham & Company LLC restated a hold rating on shares of Cognizant Technology Solutions in a research note on Monday, June 10th. Citigroup cut their target price on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Finally, Barclays upped their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an equal weight rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $75.75.

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.