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Cognizant (CTSH) Rides on Expanding Clientele, Partner Base
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Cognizant Technology Solutions (CTSH - Free Report) is benefitting from an expanding clientele and strong partner base. Its robust pipeline, which includes a favorable mix of business renewals and expansions of new opportunities, is noteworthy.
The upside has been further bolstered by Cognizant’s continued improvement of large deal momentum, evidenced by winning several deals exceeding $100 million each in the fourth quarter of 2023.
Building on this momentum, Cognizant recently announced a multi-year extension of its partnership with a global leader in information and analytics solution, LexisNexis Legal & Professional.
The multi-year agreement underscores Cognizant’s role as a trusted provider as it continues to deliver advanced cloud and digital engineering services to enhance Lexis Nexis’ next-generation legal research platform, Lexis+.
Cognizant Technology Solutions Corporation Price and Consensus
With a focus on transforming the legal research landscape by modernizing legacy applications, re-architect data systems, and introducing innovative solutions in quality engineering, the extension between Cognizant and LexisNexis aims to enhance the overall customer experience for LexisNexis clientele.
Cognizant’s Prospects Rides on Expanding Clientele
Cognizant’s robust network of partners, which includes the likes of NVIDIA (NVDA - Free Report) , Microsoft (MSFT - Free Report) and Alphabet (GOOGL - Free Report) , has been a key catalyst.
In March, Cognizant announced the renewal of its longstanding collaboration with Pon IT, a division of Dutch multinational Pon Holdings, focusing on providing cloud-managed services aimed at optimizing operations and fostering agility across the Pon IT suite of operating companies.
CTSH’s partnership with Microsoft and NVIDIA further bolstered its presence within the healthcare sector.
Cognizant joined forces with NVIDIA to apply gen-AI technology to transform drug discovery, aiming to accelerate development, reduce costs, and improve patients’ outcomes while expanding into other sectors like manufacturing and automotive industries.
Cognizant partnered with Microsoft to incorporate gen-AI into healthcare administration through Trizetto Assistant on Facets, leveraging Azure Open AI Services and Semantic Kernel to boost productivity, efficiency and patient care while maintaining regulatory compliance and data security.
In the fourth quarter of 2023, Cognizant further collaborated with Microsoft to introduce the Innovative Assistant, a generative AI-driven tool powered by Microsoft Azure Open AI Service, aimed at fostering creativity and innovation among its employees and enhancing its internal innovation program, BlueBolt.
Cognizant and Alphabet’s cloud business, Google cloud, recently expanded its partnership to integrate Gemini for Google Cloud, enhancing software delivery lifecycle and developer productivity with AI-powered tools.
However, Cognizant’s shares have declined 3% against the Zacks Computer & Technology sector’s rise of 11.4% year to date.
The challenging macroeconomic environment, along with weakness in the Financial Services segment, has been a concern for CTSH’s prospects.
Image: Bigstock
Cognizant (CTSH) Rides on Expanding Clientele, Partner Base
Cognizant Technology Solutions (CTSH - Free Report) is benefitting from an expanding clientele and strong partner base. Its robust pipeline, which includes a favorable mix of business renewals and expansions of new opportunities, is noteworthy.
The upside has been further bolstered by Cognizant’s continued improvement of large deal momentum, evidenced by winning several deals exceeding $100 million each in the fourth quarter of 2023.
Building on this momentum, Cognizant recently announced a multi-year extension of its partnership with a global leader in information and analytics solution, LexisNexis Legal & Professional.
The multi-year agreement underscores Cognizant’s role as a trusted provider as it continues to deliver advanced cloud and digital engineering services to enhance Lexis Nexis’ next-generation legal research platform, Lexis+.
Cognizant Technology Solutions Corporation Price and Consensus
Cognizant Technology Solutions Corporation price-consensus-chart | Cognizant Technology Solutions Corporation Quote
With a focus on transforming the legal research landscape by modernizing legacy applications, re-architect data systems, and introducing innovative solutions in quality engineering, the extension between Cognizant and LexisNexis aims to enhance the overall customer experience for LexisNexis clientele.
Cognizant’s Prospects Rides on Expanding Clientele
Cognizant’s robust network of partners, which includes the likes of NVIDIA (NVDA - Free Report) , Microsoft (MSFT - Free Report) and Alphabet (GOOGL - Free Report) , has been a key catalyst.
In March, Cognizant announced the renewal of its longstanding collaboration with Pon IT, a division of Dutch multinational Pon Holdings, focusing on providing cloud-managed services aimed at optimizing operations and fostering agility across the Pon IT suite of operating companies.
CTSH’s partnership with Microsoft and NVIDIA further bolstered its presence within the healthcare sector.
Cognizant joined forces with NVIDIA to apply gen-AI technology to transform drug discovery, aiming to accelerate development, reduce costs, and improve patients’ outcomes while expanding into other sectors like manufacturing and automotive industries.
Cognizant partnered with Microsoft to incorporate gen-AI into healthcare administration through Trizetto Assistant on Facets, leveraging Azure Open AI Services and Semantic Kernel to boost productivity, efficiency and patient care while maintaining regulatory compliance and data security.
In the fourth quarter of 2023, Cognizant further collaborated with Microsoft to introduce the Innovative Assistant, a generative AI-driven tool powered by Microsoft Azure Open AI Service, aimed at fostering creativity and innovation among its employees and enhancing its internal innovation program, BlueBolt.
Cognizant and Alphabet’s cloud business, Google cloud, recently expanded its partnership to integrate Gemini for Google Cloud, enhancing software delivery lifecycle and developer productivity with AI-powered tools.
However, Cognizant’s shares have declined 3% against the Zacks Computer & Technology sector’s rise of 11.4% year to date.
The challenging macroeconomic environment, along with weakness in the Financial Services segment, has been a concern for CTSH’s prospects.
This Zacks Rank #3 (Hold) company expects first-quarter 2024 revenues to be between $4.68 billion and $4.76 billion, indicating a decline of 2.7% to 1.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for the first quarter is pegged at $4.73 billion, indicating a year-over-year decline of 1.79%.
The consensus mark for earnings is pegged at $1.11 per share, unchanged in the past 30 days.