News That Matters

Zacks Research Weighs in on Cognizant Technology Solutions Co.’s Q2 2023 Earnings (NASDAQ:CTSH)


Cognizant Technology Solutions Co. (NASDAQ:CTSHGet Rating) – Stock analysts at Zacks Research reduced their Q2 2023 EPS estimates for Cognizant Technology Solutions in a research report issued on Tuesday, December 6th. Zacks Research analyst A. Ganguly now forecasts that the information technology service provider will post earnings per share of $1.11 for the quarter, down from their previous forecast of $1.13. The consensus estimate for Cognizant Technology Solutions’ current full-year earnings is $4.46 per share. Zacks Research also issued estimates for Cognizant Technology Solutions’ Q1 2024 earnings at $1.24 EPS and Q2 2024 earnings at $1.24 EPS.

Cognizant Technology Solutions (NASDAQ:CTSHGet Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.17. The business had revenue of $4.86 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Cognizant Technology Solutions had a net margin of 12.11% and a return on equity of 19.55%.

Several other research firms have also recently issued reports on CTSH. Bank of America cut shares of Cognizant Technology Solutions from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $81.00 to $68.00 in a report on Friday, October 21st. William Blair cut shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating in a report on Thursday, November 3rd. Morgan Stanley reduced their target price on shares of Cognizant Technology Solutions from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, November 3rd. BMO Capital Markets cut shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $73.00 to $65.00 in a report on Thursday, November 3rd. Finally, Jefferies Financial Group reduced their target price on shares of Cognizant Technology Solutions from $78.00 to $72.00 and set a “hold” rating for the company in a report on Wednesday, September 14th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $73.16.

Cognizant Technology Solutions Trading Down 0.2 %

Cognizant Technology Solutions stock opened at $59.30 on Friday. The firm has a 50 day simple moving average of $59.24 and a 200-day simple moving average of $64.40. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.27 and a quick ratio of 2.27. The stock has a market capitalization of $30.48 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 1.22 and a beta of 1.04. Cognizant Technology Solutions has a 12-month low of $51.33 and a 12-month high of $93.47.

Institutional Investors Weigh In On Cognizant Technology Solutions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Csenge Advisory Group acquired a new position in shares of Cognizant Technology Solutions during the 1st quarter worth $398,000. BOK Financial Private Wealth Inc. increased its stake in shares of Cognizant Technology Solutions by 12.1% during the 1st quarter. BOK Financial Private Wealth Inc. now owns 3,354 shares of the information technology service provider’s stock worth $301,000 after purchasing an additional 362 shares during the last quarter. Berger Financial Group Inc acquired a new position in shares of Cognizant Technology Solutions during the 1st quarter worth $4,846,000. Corbett Road Capital Management LLC acquired a new position in shares of Cognizant Technology Solutions during the 1st quarter worth $392,000. Finally, Treasurer of the State of North Carolina increased its stake in shares of Cognizant Technology Solutions by 7.9% during the 1st quarter. Treasurer of the State of North Carolina now owns 241,559 shares of the information technology service provider’s stock worth $21,661,000 after purchasing an additional 17,727 shares during the last quarter. Hedge funds and other institutional investors own 90.67% of the company’s stock.

Insiders Place Their Bets

In other Cognizant Technology Solutions news, Director Leo S. Jr. Mackay sold 3,300 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $52.79, for a total value of $174,207.00. Following the completion of the sale, the director now owns 28,310 shares in the company, valued at approximately $1,494,484.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.34% of the company’s stock.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 29th. Shareholders of record on Friday, November 18th were given a $0.27 dividend. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $1.08 dividend on an annualized basis and a yield of 1.82%. Cognizant Technology Solutions’s payout ratio is 24.00%.

Cognizant Technology Solutions Company Profile

(Get Rating)

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; Healthcare; Products and Resources; and Communications, Media and Technology.

Featured Stories

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Before you consider Cognizant Technology Solutions, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Cognizant Technology Solutions wasn’t on the list.

While Cognizant Technology Solutions currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here



Source link