These Analysts Revise Their Forecasts On Cognizant Technology Solutions After Q4 Results

Cognizant Technology Solutions Corporation CTSH reported mixed results for its fourth quarter on Tuesday.

Cognizant Tech posted adjusted earnings of $1.18 per share, beating market estimates of $1.04 per share. The company’s quarterly sales came in at $4.758 billion versus expectations of $4.759 billion, according to data from Benzinga Pro.

"I'm grateful to our nearly 350,000 employees for their tremendous year-long work enhancing our strength as industry experts, collaborative partners and passionate innovators for our clients," said Ravi Kumar S, Chief Executive Officer. "We delivered Q4 revenue within our guided range and we've maintained our commercial momentum. Full-year bookings of $26.3 billion represent an increase of 9% year-over-year, driven by new clients and large deals. To keep advancing our ability to design and deliver solutions, we continue to invest in generative AI, cloud, data modernization, digital engineering and IoT. I believe Cognizant is now in a significantly stronger position than a year ago to help our clients transform their businesses to prepare for the future as they navigate ongoing macro-economic pressures."

The company sees first-quarter revenue of $4.68 - $4.76 billion, a decline of 2.7% to 1.2%, while revenue for the full year is expected to be $19.0 - $19.8 billion.

It expects full-year 2024 adjusted EPS to be in the range of $4.50 to $4.68.

Cognizant Tech shares fell 0.2% to trade at $78.60 on Wednesday.

These analysts made changes to their price targets on Cognizant Technology Solutions after the company reported quarterly results.

• BMO Capital cut the price target on Cognizant Technology Solutions from $88 to $85. BMO Capital analyst Keith Bachman maintained a Market Perform rating.
• RBC Capital raised the price target on Cognizant Technology Solutions from $74 to $77. RBC Capital analyst Daniel Perlin maintained a Sector Perform rating.

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