Cognizant Technology Solutions Stock Price, News & Analysis

Cognizant (Nasdaq: CTSH) has announced its acquisition of Tin Roof Software, a custom software and digital product development company based in Atlanta, Georgia. This strategic move aims to enhance Cognizant's digital engineering services, allowing greater customer experience improvements and revenue growth. Tin Roof specializes in cloud migration, web and mobile app development, and secure payment systems across various industries. The acquisition, expected to close in the second half of 2020, aligns with Cognizant's goal of expanding its software engineering capabilities in the U.S.

Cognizant (Nasdaq: CTSH) has been recognized as a Leader in the Everest Group's Healthcare Payer Operations – Services PEAK Matrix® Assessment 2020. The assessment evaluated 29 service providers based on client solutions, performance, vision, and market share. Cognizant's strong capabilities and extensive service offerings were highlighted. Its recent acquisition of TMG Health and the introduction of its business process-as-a-service (BPaaS) solution to Texas' Parkland Community Health Plan were key contributors to this recognition. The company aims to enhance healthcare solutions and support value-based care models.

Cognizant (CTSH), based in Teaneck, N.J., has been recognized as a Leader in the Healthcare Provider Digital Services PEAK Matrix Assessment 2020 by Everest Group. The evaluation highlighted Cognizant's industry presence, domain expertise, and partnership strategy as key factors. The healthcare digital services market, valued at nearly $3 billion, has seen significant shifts towards patient engagement due to the pandemic. Cognizant's investments in digital tools and partnerships aim to enhance healthcare delivery and operational efficiency.

Cognizant Technology Solutions Corporation (Nasdaq: CTSH) announced the appointment of Jan Siegmund as Chief Financial Officer, effective September 1, 2020. Siegmund, who previously served as CFO at Automatic Data Processing, will succeed Karen McLoughlin, who will assist in the transition until August 31 and remain in an advisory role until December 31. CEO Brian Humphries expressed confidence in Siegmund's leadership abilities to drive the company's strategic growth plan, emphasizing the importance of a smooth transition for stakeholders.

Cognizant Technology Solutions (CTSH) reported Q2 2020 revenue of $4.0 billion, a 3.4% decline year-over-year, adversely affected by a ransomware attack and exit from certain services. The GAAP operating margin dropped to 11.7% from 14.9%, while net income decreased to $361 million compared to $509 million in Q2 2019. Despite challenges, bookings increased by 14% in the first half of 2020. The company expects full-year revenue between $16.4 billion and $16.7 billion, and declared a quarterly dividend of $0.22 per share.

Cognizant (Nasdaq: CTSH) announced an agreement to acquire New Signature, a leading Microsoft public cloud transformation specialist. The acquisition aims to enhance Cognizant's hyperscale cloud advisory services and establish a dedicated group focused on Microsoft cloud solutions. Closing is expected in Q3 2020, pending regulatory approval. New Signature will add over 500 cloud experts from the U.S., U.K., and Canada to Cognizant's workforce. This acquisition marks Cognizant's fifth cloud-related acquisition in 2020, reinforcing its commitment to digital transformation.

Cognizant (Nasdaq: CTSH) announced its Shared Investigator Platform (SIP) has surpassed 100,000 users across 84 countries, highlighting its essential role in clinical trials during the COVID-19 pandemic. The platform, utilized by major biopharmaceutical companies, enhances collaboration and reduces site activation cycle time by 50%. Launched in 2016, SIP connects trial sponsors and medical professionals, streamlining processes crucial for drug development. This milestone underscores the platform's value in accelerating innovative therapies and improving patient care.

Cognizant (Nasdaq: CTSH) will announce its second-quarter 2020 earnings results on July 29, 2020, after market close. Following the announcement, management will host a conference call at 5:00 p.m. Eastern to discuss performance. Domestic participants can dial 877-810-9510, while international callers can use 201-493-6778, entering the passcode 'Cognizant Call'. A replay will be accessible after the call, and for those unable to join live, it can also be accessed via Cognizant’s website for 60 days.

Cognizant (Nasdaq: CTSH) has been named a Leader in Everest Group's Guidewire Services PEAK Matrix® Assessment 2020, marking its continued dominance in the insurance tech sector. Recognized as a 'Star Performer,' Cognizant showcased substantial revenue growth in Guidewire services. The report highlights a 15% growth in Guidewire service utilization in 2019, with the market recently exceeding $2 billion. Cognizant's strategic use of AI and automation has led to significant operational efficiencies for clients, including a $20M saving for a major P&C insurer.