Cognizant Technology Solutions Corporation (NASDAQ:CTSH) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of at least $0.94 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.95. The company issued revenue guidance of $3.73-3.78 billion, compared to the consensus revenue estimate of $3.75 billion.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) traded up 0.25% during midday trading on Wednesday, reaching $71.85. The company’s stock had a trading volume of 1,078,372 shares. Cognizant Technology Solutions Corporation has a 52 week low of $45.44 and a 52 week high of $71.98. The firm has a market capitalization of $42.44 billion, a PE ratio of 23.05 and a beta of 1.17. The stock has a 50 day moving average of $68.92 and a 200 day moving average of $62.98.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.11. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter in the prior year, the company earned $0.87 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities research analysts predict that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Tuesday, August 22nd will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, August 18th. This represents a $0.60 annualized dividend and a yield of 0.84%. Cognizant Technology Solutions Corporation’s payout ratio is 19.17%.
Several analysts recently weighed in on CTSH shares. Vetr downgraded Cognizant Technology Solutions Corporation from a strong-buy rating to a buy rating and set a $67.50 target price for the company. in a research note on Monday, May 1st. Needham & Company LLC increased their target price on Cognizant Technology Solutions Corporation from $70.00 to $72.00 and gave the company a buy rating in a research note on Monday, May 15th. Deutsche Bank AG restated a buy rating and set a $79.00 target price on shares of Cognizant Technology Solutions Corporation in a research note on Wednesday, May 31st. HSBC Holdings plc downgraded Cognizant Technology Solutions Corporation from a buy rating to a hold rating and increased their target price for the company from $65.00 to $68.00 in a research note on Thursday, June 8th. Finally, Pacific Crest reaffirmed an overweight rating and issued a $75.00 price target (up previously from $73.00) on shares of Cognizant Technology Solutions Corporation in a report on Thursday, June 1st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $70.02.
In other Cognizant Technology Solutions Corporation news, insider Gajakarnan Vibushanan Kandiah sold 1,500 shares of the stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $66.00, for a total value of $99,000.00. Following the transaction, the insider now directly owns 10,515 shares in the company, valued at approximately $693,990. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Venkat Krishnaswamy sold 4,205 shares of the stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $66.75, for a total value of $280,683.75. Following the completion of the transaction, the insider now owns 13,540 shares in the company, valued at $903,795. The disclosure for this sale can be found here. Insiders have sold a total of 81,162 shares of company stock valued at $5,593,461 over the last ninety days. Insiders own 1.08% of the company’s stock.
Cognizant Technology Solutions Corporation Company Profile
Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.
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