Concentrix (NASDAQ:CNXC) Updates FY 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 11.400-12.070 for the period, compared to the consensus estimate of 11.910. The company issued revenue guidance of $9.6 billion-$9.7 billion, compared to the consensus revenue estimate of $9.6 billion. Concentrix also updated its FY24 guidance to $11.40-12.07 EPS.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CNXC. Scotiabank lowered their target price on shares of Concentrix from $120.00 to $85.00 and set a sector outperform rating on the stock in a report on Monday, April 29th. Barrington Research reaffirmed an outperform rating and issued a $84.00 price target on shares of Concentrix in a report on Friday, June 21st. Finally, Bank of America reiterated an underperform rating and issued a $60.00 target price (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $74.75.

Concentrix Stock Down 1.4 %

Shares of NASDAQ:CNXC traded down $0.80 during trading on Wednesday, hitting $58.02. 788,390 shares of the company’s stock traded hands, compared to its average volume of 507,118. Concentrix has a 52 week low of $53.89 and a 52 week high of $106.10. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 12.05, a price-to-earnings-growth ratio of 0.69 and a beta of 0.60. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. The company has a 50-day moving average price of $60.01 and a 200-day moving average price of $73.73.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). Concentrix had a return on equity of 17.70% and a net margin of 3.53%. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. As a group, research analysts forecast that Concentrix will post 11.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell bought 900 shares of Concentrix stock in a transaction on Friday, April 19th. The stock was acquired at an average price of $54.59 per share, with a total value of $49,131.00. Following the acquisition, the chief executive officer now owns 239,128 shares in the company, valued at $13,053,997.52. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have acquired 1,679 shares of company stock worth $98,546 in the last ninety days. 3.00% of the stock is currently owned by insiders.

Concentrix Company Profile

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.