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Cognizant (CTSH) Boosts Retail Sector With Latest Partnership
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Cognizant Technology Solutions (CTSH - Free Report) expansion into the retail industry is gaining momentum, driven by an expanding partner base. It recently announced a partnership with two tech giants Shopify (SHOP - Free Report) and Alphabet’s (GOOGL - Free Report) cloud division, Google Cloud to drive digital transformation and platform modernization for global retailers and brands.
By combining Shopify’s renowned commerce platform, Alphabet’s cloud business, Google Cloud’s robust infrastructure and Cognizant’s expertise in retail advisory and technology implementation, the partnership is poised to drive significant advancements in customer experiences, global scalability and commerce platform modernization.
The primary objective of this partnership is to address the essential requirements for retailers to adopt new technologies, such as generative AI, to meet the evolving consumer demands for real-time recommendations, personalized shopping assistance and tailored offers.
Utilizing Shopify’s commerce operating system on Google Cloud infrastructure, supported by Cognizant’s guidance and implementation skills, brands can initiate transformative journeys that drive actual business value and improve customer experience across diverse retail landscapes.
Cognizant Technology Solutions Corporation Price and Consensus
Cognizant’s Prospects Rides on Expanding Clientele
The latest move is in sync with Cognizant’s commitment to drive digital transformation in the retail sector through advanced technology and tailored solutions.
Cognizant’s expanding clientele has been a major growth driver. In addition to Shopify and Alphabet, Cognizant also recently collaborated with McCormik & Company (MKC - Free Report) , LexisNexis and NVIDIA.
Cognizant recently announced a partnership with McCormik & Company to manage global technological infrastructure through AI-driven tools to improve user experiences, productivity and cost savings, thereby advancing McCormick’s digital transformation journey.
In March, Cognizant announced a multi-year extension of its agreement with LexisNexis Legal & Professional, focusing on improving Lexis+ legal research solutions through cloud and digital engineering services.
Cognizant’s partnership with NVIDIA further bolstered its presence within the healthcare sector.
Cognizant teamed 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 such as manufacturing and automotive industries.
However, Cognizant’s shares have declined 5.3% against the Zacks Computer & Technology sector’s rise of 11.7% 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) Boosts Retail Sector With Latest Partnership
Cognizant Technology Solutions (CTSH - Free Report) expansion into the retail industry is gaining momentum, driven by an expanding partner base. It recently announced a partnership with two tech giants Shopify (SHOP - Free Report) and Alphabet’s (GOOGL - Free Report) cloud division, Google Cloud to drive digital transformation and platform modernization for global retailers and brands.
By combining Shopify’s renowned commerce platform, Alphabet’s cloud business, Google Cloud’s robust infrastructure and Cognizant’s expertise in retail advisory and technology implementation, the partnership is poised to drive significant advancements in customer experiences, global scalability and commerce platform modernization.
The primary objective of this partnership is to address the essential requirements for retailers to adopt new technologies, such as generative AI, to meet the evolving consumer demands for real-time recommendations, personalized shopping assistance and tailored offers.
Utilizing Shopify’s commerce operating system on Google Cloud infrastructure, supported by Cognizant’s guidance and implementation skills, brands can initiate transformative journeys that drive actual business value and improve customer experience across diverse retail landscapes.
Cognizant Technology Solutions Corporation Price and Consensus
Cognizant Technology Solutions Corporation price-consensus-chart | Cognizant Technology Solutions Corporation Quote
Cognizant’s Prospects Rides on Expanding Clientele
The latest move is in sync with Cognizant’s commitment to drive digital transformation in the retail sector through advanced technology and tailored solutions.
Cognizant’s expanding clientele has been a major growth driver. In addition to Shopify and Alphabet, Cognizant also recently collaborated with McCormik & Company (MKC - Free Report) , LexisNexis and NVIDIA.
Cognizant recently announced a partnership with McCormik & Company to manage global technological infrastructure through AI-driven tools to improve user experiences, productivity and cost savings, thereby advancing McCormick’s digital transformation journey.
In March, Cognizant announced a multi-year extension of its agreement with LexisNexis Legal & Professional, focusing on improving Lexis+ legal research solutions through cloud and digital engineering services.
Cognizant’s partnership with NVIDIA further bolstered its presence within the healthcare sector.
Cognizant teamed 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 such as manufacturing and automotive industries.
However, Cognizant’s shares have declined 5.3% against the Zacks Computer & Technology sector’s rise of 11.7% 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 #4 (Sell) 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 $4.72 billion, indicating a year-over-year decline of 1.89%.
The consensus mark for earnings is pegged at $1.11 per share, unchanged in the past 30 days.