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

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 4.560-4.640 for the period, compared to the consensus estimate of 4.650. The company issued revenue guidance of $19.5 billion-$19.8 billion, compared to the consensus revenue estimate of $19.5 billion. Cognizant Technology Solutions also updated its Q3 2024 guidance to EPS.Cognizant Technology Solutions Trading Down 1.1 %AI revolution: 3 stocks set to soar as technology evolvesShares of Cognizant Technology Solutions stock opened at $75.35 on Thursday. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.04. The firm has a market cap of $37.46 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 2.14 and a beta of 1.05. Cognizant Technology Solutions has a twelve month low of $62.14 and a twelve month high of $80.27. The business has a 50-day moving average price of $75.21 and a 200-day moving average price of $71.43. Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.05. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The company's revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 EPS. Equities research analysts anticipate that Cognizant Technology Solutions will post 4.62 EPS for the current fiscal year. Cognizant Technology Solutions Dividend AnnouncementThe firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.59%. Cognizant Technology Solutions's payout ratio is currently 28.85%. Analyst Upgrades and DowngradesA number of research analysts recently commented on CTSH shares. Needham & Company LLC reaffirmed a hold rating on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a buy rating and a $90.00 target price for the company. Mizuho restated a neutral rating and set a $82.00 price target on shares of Cognizant Technology Solutions in a report on Tuesday, June 11th. JPMorgan Chase & Co. raised their price target on Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a neutral rating in a research report on Friday, September 6th. Finally, Robert W. Baird boosted their price objective on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a neutral rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $77.44.View Our Latest Report on Cognizant Technology SolutionsInsiders Place Their BetsIn other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm's stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total transaction of $495,584.48. Following the transaction, the chief executive officer now owns 46,427 shares in the company, valued at $3,419,812.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.26% of the company's stock. About Cognizant Technology Solutions (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.See AlsoFive stocks we like better than Cognizant Technology SolutionsLow PE Growth Stocks: Unlocking Investment Opportunities3 Stocks to Neutralize Market Volatility and Build WealthInvesting In Automotive StocksHow Much Can You Make in Stocks in One Month?How to Use Stock Screeners to Find StocksThis Is the Top Large-Cap Stock Insiders Are BuyingThis 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. 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