Cognizant Technology Solutions Co. to Post Q1 2023 Earnings of $1.08 Per Share, Wedbush Forecasts (NASDAQ:CTSH)

Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) – Equities researchers at Wedbush issued their Q1 2023 earnings per share estimates for shares of Cognizant Technology Solutions in a research report issued on Sunday, March 12th. Wedbush analyst M. Katri anticipates that the information technology service provider will post earnings per share of $1.08 for the quarter. Wedbush currently has a “Outperform” rating and a $75.00 price objective on the stock. The consensus estimate for Cognizant Technology Solutions’ current full-year earnings is $4.51 per share. Wedbush also issued estimates for Cognizant Technology Solutions’ Q2 2023 earnings at $1.10 EPS, Q3 2023 earnings at $1.11 EPS, Q4 2023 earnings at $1.12 EPS and FY2024 earnings at $5.02 EPS.

CTSH has been the subject of several other research reports. UBS Group raised their target price on Cognizant Technology Solutions from $62.00 to $68.00 in a research report on Sunday, January 15th. Morgan Stanley cut their target price on Cognizant Technology Solutions from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, February 3rd. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, February 14th. Susquehanna dropped their price target on Cognizant Technology Solutions from $93.00 to $91.00 and set a “positive” rating for the company in a report on Friday, February 3rd. Finally, Barclays raised their price target on Cognizant Technology Solutions from $45.00 to $53.00 and gave the company an “underweight” rating in a report on Monday, February 6th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $69.90.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock opened at $58.44 on Tuesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.17. The company has a market capitalization of $29.76 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.22 and a beta of 1.10. Cognizant Technology Solutions has a one year low of $51.33 and a one year high of $93.47. The business has a 50 day simple moving average of $63.81 and a 200 day simple moving average of $61.01.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The information technology service provider reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. Cognizant Technology Solutions had a return on equity of 18.92% and a net margin of 11.79%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter last year, the company earned $1.10 EPS. The company’s quarterly revenue was up 1.3% on a year-over-year basis.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Friday, February 17th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, February 16th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.98%. Cognizant Technology Solutions’s payout ratio is 26.24%.

Institutional Investors Weigh In On Cognizant Technology Solutions

Institutional investors have recently made changes to their positions in the stock. Dark Forest Capital Management LP acquired a new stake in shares of Cognizant Technology Solutions during the second quarter worth $26,000. Prospera Financial Services Inc grew its stake in shares of Cognizant Technology Solutions by 77.0% during the second quarter. Prospera Financial Services Inc now owns 393 shares of the information technology service provider’s stock worth $27,000 after purchasing an additional 171 shares during the period. Neo Ivy Capital Management lifted its holdings in Cognizant Technology Solutions by 75.6% during the third quarter. Neo Ivy Capital Management now owns 504 shares of the information technology service provider’s stock worth $29,000 after acquiring an additional 217 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in Cognizant Technology Solutions by 492.9% during the third quarter. Hexagon Capital Partners LLC now owns 587 shares of the information technology service provider’s stock worth $34,000 after acquiring an additional 488 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd lifted its holdings in Cognizant Technology Solutions by 613.9% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 721 shares of the information technology service provider’s stock worth $41,000 after acquiring an additional 620 shares in the last quarter. 90.12% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Company Profile

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Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.