Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) – Equities researchers at Wedbush cut their Q2 2022 EPS estimates for Cognizant Technology Solutions in a research report issued on Thursday, May 5th. Wedbush analyst M. Katri now anticipates that the information technology service provider will post earnings per share of $1.08 for the quarter, down from their previous forecast of $1.14. Wedbush also issued estimates for Cognizant Technology Solutions’ Q3 2022 earnings at $1.15 EPS, Q4 2022 earnings at $1.16 EPS and FY2022 earnings at $4.46 EPS.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The information technology service provider reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Cognizant Technology Solutions had a net margin of 11.59% and a return on equity of 19.07%. The company had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year.
A number of other research firms have also weighed in on CTSH. Morgan Stanley lowered shares of Cognizant Technology Solutions from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $91.00 to $95.00 in a research note on Monday, January 10th. BMO Capital Markets increased their price target on shares of Cognizant Technology Solutions from $92.00 to $100.00 in a research report on Thursday, February 3rd. 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. StockNews.com raised shares of Cognizant Technology Solutions from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 3rd. Finally, UBS Group raised shares of Cognizant Technology Solutions from a “sell” rating to a “neutral” rating and increased their price target for the company from $58.50 to $89.00 in a research report on Thursday, January 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $91.67.
NASDAQ:CTSH opened at $75.52 on Monday. Cognizant Technology Solutions has a 1-year low of $66.19 and a 1-year high of $93.47. The company has a 50-day moving average of $86.94 and a 200 day moving average of $85.03. The firm has a market cap of $39.61 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 1.35 and a beta of 1.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.22 and a quick ratio of 2.08.
Hedge funds and other institutional investors have recently modified their holdings of the company. Cornerstone Advisory LLC acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $27,000. Hardy Reed LLC acquired a new stake in shares of Cognizant Technology Solutions during the 1st quarter worth approximately $27,000. MV Capital Management Inc. grew its stake in shares of Cognizant Technology Solutions by 94.8% during the 4th quarter. MV Capital Management Inc. now owns 302 shares of the information technology service provider’s stock worth $27,000 after purchasing an additional 147 shares during the period. GeoWealth Management LLC acquired a new stake in shares of Cognizant Technology Solutions during the 3rd quarter worth approximately $26,000. Finally, Fieldpoint Private Securities LLC grew its stake in shares of Cognizant Technology Solutions by 475.4% during the 4th quarter. Fieldpoint Private Securities LLC now owns 397 shares of the information technology service provider’s stock worth $35,000 after purchasing an additional 328 shares during the period. 90.73% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Leo S. Jr. Mackay sold 4,778 shares of the stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $88.52, for a total value of $422,948.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Rajesh Nambiar sold 5,000 shares of the firm’s stock in a transaction that occurred 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. In the last quarter, insiders sold 16,149 shares of company stock worth $1,434,568. 0.31% of the stock is owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 31st. Investors of record on Friday, May 20th will be issued a $0.27 dividend. The ex-dividend date is Thursday, May 19th. This represents a $1.08 annualized dividend and a yield of 1.43%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 25.90%.
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.
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