FY2023 EPS Estimates for Cognizant Technology Solutions Co. (NASDAQ:CTSH) Lowered by Wedbush

Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) – Research analysts at Wedbush decreased their FY2023 earnings per share estimates for Cognizant Technology Solutions in a report issued on Sunday, March 12th. Wedbush analyst M. Katri now anticipates that the information technology service provider will post earnings per share of $4.40 for the year, down from their previous forecast of $4.89. Wedbush has a “Outperform” rating and a $75.00 price target on the stock. The consensus estimate for Cognizant Technology Solutions’ current full-year earnings is $4.51 per share.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The information technology service provider reported $1.01 earnings per share for the quarter, meeting 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 business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter last year, the company posted $1.10 EPS. Cognizant Technology Solutions’s revenue for the quarter was up 1.3% on a year-over-year basis.

Several other research analysts also recently commented on CTSH. JPMorgan Chase & Co. downgraded Cognizant Technology Solutions from a “neutral” rating to an “underweight” rating and lifted their price target for the stock from $61.00 to $62.00 in a research report on Thursday, December 15th. TheStreet raised Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a research report on Tuesday, January 31st. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Tuesday, February 14th. Deutsche Bank Aktiengesellschaft upped their price objective on Cognizant Technology Solutions from $54.00 to $67.00 in a research note on Friday, February 3rd. Finally, UBS Group increased their price target on Cognizant Technology Solutions from $62.00 to $68.00 in a research report on Sunday, January 15th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Cognizant Technology Solutions has an average rating of “Hold” and a consensus price target of $69.90.

Cognizant Technology Solutions Stock Down 2.3 %

CTSH opened at $57.07 on Wednesday. Cognizant Technology Solutions has a fifty-two week low of $51.33 and a fifty-two week high of $93.47. The business has a 50-day moving average of $63.79 and a 200-day moving average of $60.98. 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 $29.07 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.10.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Shareholders of record on Friday, February 17th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 2.03%. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Thursday, February 16th. Cognizant Technology Solutions’s payout ratio is 26.24%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Dark Forest Capital Management LP acquired a new stake in Cognizant Technology Solutions during the second quarter worth about $26,000. Prospera Financial Services Inc increased its holdings in shares of Cognizant Technology Solutions by 77.0% in the 2nd quarter. Prospera Financial Services Inc now owns 393 shares of the information technology service provider’s stock valued at $27,000 after acquiring an additional 171 shares during the period. Neo Ivy Capital Management increased its stake in Cognizant Technology Solutions by 75.6% in the 3rd quarter. Neo Ivy Capital Management now owns 504 shares of the information technology service provider’s stock valued at $29,000 after buying an additional 217 shares during the period. Hexagon Capital Partners LLC increased its stake in Cognizant Technology Solutions by 492.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 587 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 488 shares during the period. Finally, Harvest Fund Management Co. Ltd increased its stake in Cognizant Technology Solutions by 613.9% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 721 shares of the information technology service provider’s stock valued at $41,000 after buying an additional 620 shares during the period. Institutional investors and hedge funds own 90.12% of the company’s stock.

About Cognizant Technology Solutions

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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.