Cognizant (CTSH) Stock Soars on Increased Fourth Quarter Earnings Outlook

NEW YORK (TheStreet) -- Shares of Cognizant Technology Solutions Corp (CTSH) are soaring 6.99% to $51.88 in midday trading, after the company issued an update on its fourth quarter earnings guidance this morning of at least 63 cents per share, higher than the consensus estimate of 59 cents per share.

The Teaneck, NJ-based company also issued revenue guidance for its fourth quarter of a range between $2.61 billion-2.64 billion, compared to the consensus revenue estimate of $2.58 billion.

See what Cognizant president Gordon Coburn told TheStreet about the company's latest quarterly results:

Cognizant reported third quarter earnings of 66 cents per share, beating the consensus estimate of 59 cents per share. Revenue for the quarter was up 11.9% year over year at $2.58 billion, edging out the consensus estimate of $2.57 billion. 

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Separately, TheStreet Ratings team rates COGNIZANT TECH SOLUTIONS as a Buy with a ratings score of A-. 

CTSH Chart CTSH data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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