Cognizant (CTSH) Partners With Accuray to Improve Healthcare
Cognizant Technology Solutions’ CTSH recently announced its partnership with Accuray ARAY to deploy SAP S/4HANA for better data and analytics and greater business efficiencies. Cognizant will provide planning, design, implementation, change management, and program management for various processes supported by SAP S/4HANA.
It is one of the top priorities for medical technology industry to streamline processes and reduce costs, while continuing to innovate. Accuray, being in the same industry, faces such issues that Cognizant addresses through necessary resources.
Cognizant’s assistance will help Accuray effectively deploy SAP across its global organization. The new ERP system will provide a platform to streamline and optimize business processes by making available real-time intelligence and insights to improve decision making.
With the partnership, Cognizant aims to drive operational changes that will enable Accuray to efficiently develop, deliver and service radiotherapy solutions used worldwide to improve patient care.
Cognizant Technology Solutions Corporation Price and Consensus
Cognizant Technology Solutions Corporation price-consensus-chart | Cognizant Technology Solutions Corporation Quote
What Awaits Cognizant’s Prospects in Rest of 2023?
Cognizant focuses on partnering with healthcare technology companies engaged in developing lifesaving products. It’s partnership with the likes of Accuray and Microsoft MSFT is expected to boost its footprint in the healthcare market.
In April 2023, Cognizant and Microsoft collaborated to integrate its TriZetto healthcare products with Microsoft Cloud for Healthcare. The collaboration gave healthcare payers and providers easy access to cutting-edge technology solutions and improved interoperability to deliver better patient and member experiences.
However, Cognizant expects second-quarter 2023 revenues between $4.83 billion and $4.88 billion, indicating a year-over-year decline of 1% to flat on a constant-currency basis. Unfavourable forex is expected to hurt the top line by 60 bps, while acquisitions are expected to contribute 100 bps.
The Zacks Consensus Estimate for fiscal second-quarter revenues is pegged at $4.81 billion, indicating a decline of 1.87% from the year-ago quarter’s reported figure.
The consensus mark for earnings has remained unchanged at 97 cents per share in the past 30 days, indicating a year-over-year fall of 14.91%.
Zacks Rank & A Key Stock to Consider
CTSH currently has a Zacks Rank #3 (Hold).
Cognizant shares have outperformed the Zacks Business – Software Services industry in the year-to-date period. While CTSH shares have gained 10.5%, the industry has risen 6.1%.
ePlus PLUS, which sports a Zacks Rank #1 (Strong Buy), is a stock worth considering in the same industry. Shares of ePlus have gained 26.4% year to date. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for ePlus’ first-quarter fiscal 2024 revenues is pegged at $487.55 million, indicating a year-over-year growth of 6.37%. The consensus estimate for earnings stands at 99 cents per share, unchanged in the past 30 days.
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