Cognizant Technology Solutions (NASDAQ:CTSH) Issues Quarterly Earnings Results

Cognizant Technology Solutions (NASDAQ:CTSHGet Rating) issued its quarterly earnings results on Wednesday. The information technology service provider reported $1.08 EPS for the quarter, topping the consensus estimate of $1.04 by $0.04, MarketWatch Earnings reports. Cognizant Technology Solutions had a net margin of 11.59% and a return on equity of 19.23%. The firm had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the previous year, the firm posted $0.97 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. Cognizant Technology Solutions updated its FY22 guidance to $4.45-4.55 EPS.

NASDAQ CTSH traded up $1.92 during mid-day trading on Friday, reaching $75.52. 3,904,734 shares of the stock were exchanged, compared to its average volume of 2,811,863. Cognizant Technology Solutions has a one year low of $66.19 and a one year high of $93.47. The stock has a 50 day simple moving average of $86.94 and a 200-day simple moving average of $84.94. The stock has a market cap of $39.61 billion, a P/E ratio of 18.11, a P/E/G ratio of 1.54 and a beta of 1.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.08 and a quick ratio of 2.08.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 31st. Investors of record on Friday, May 20th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Thursday, May 19th. Cognizant Technology Solutions’s dividend payout ratio is presently 25.90%.

A number of equities research analysts have recently issued reports on CTSH shares. Citigroup dropped their target price on shares of Cognizant Technology Solutions from $95.00 to $88.00 in a report on Thursday. BMO Capital Markets increased their price target on shares of Cognizant Technology Solutions from $92.00 to $100.00 in a report on Thursday, February 3rd. Deutsche Bank Aktiengesellschaft increased their target price on shares of Cognizant Technology Solutions from $81.00 to $92.00 and gave the stock a “hold” rating in a research report on Monday, January 24th. Cowen increased their price target on shares of Cognizant Technology Solutions from $93.00 to $98.00 in a research report on Thursday, February 3rd. Finally, Morgan Stanley lowered shares of Cognizant Technology Solutions from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $91.00 to $95.00 in a research report on Monday, January 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $91.67.

In other Cognizant Technology Solutions news, Director Maureen Breakiron-Evans sold 6,371 shares of the firm’s stock in a transaction on Friday, February 25th. The shares were sold at an average price of $87.76, for a total value of $559,118.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rajesh Nambiar sold 5,000 shares of the firm’s stock in a transaction on Friday, February 11th. The stock was sold at an average price of $90.50, for a total transaction of $452,500.00. The disclosure for this sale can be found here. Insiders have sold 16,149 shares of company stock valued at $1,434,568 in the last three months. 0.31% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CTSH. Barclays PLC grew its holdings in shares of Cognizant Technology Solutions by 13.9% during the fourth quarter. Barclays PLC now owns 1,434,319 shares of the information technology service provider’s stock valued at $127,252,000 after buying an additional 174,711 shares during the last quarter. Parametric Portfolio Associates LLC grew its holdings in shares of Cognizant Technology Solutions by 6.8% during the fourth quarter. Parametric Portfolio Associates LLC now owns 1,874,550 shares of the information technology service provider’s stock valued at $166,310,000 after buying an additional 118,776 shares during the last quarter. Comerica Bank grew its holdings in shares of Cognizant Technology Solutions by 34.5% during the fourth quarter. Comerica Bank now owns 122,711 shares of the information technology service provider’s stock valued at $10,093,000 after buying an additional 31,448 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of Cognizant Technology Solutions by 3.3% during the fourth quarter. California State Teachers Retirement System now owns 950,668 shares of the information technology service provider’s stock valued at $84,343,000 after buying an additional 30,644 shares during the last quarter. Finally, Allstate Corp grew its holdings in shares of Cognizant Technology Solutions by 220.8% during the fourth quarter. Allstate Corp now owns 38,585 shares of the information technology service provider’s stock valued at $3,423,000 after buying an additional 26,556 shares during the last quarter. Hedge funds and other institutional investors own 90.73% of the company’s stock.

About Cognizant Technology Solutions (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.

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Earnings History for Cognizant Technology Solutions (NASDAQ:CTSH)

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