Concentrix (NASDAQ:CNXC) Updates FY24 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $11.40-12.07 for the period, compared to the consensus earnings per share estimate of $11.91. The company issued revenue guidance of $9.580-9.675 billion, compared to the consensus revenue estimate of $9.60 billion. Concentrix also updated its FY 2024 guidance to 11.400-12.070 EPS.

Concentrix Stock Up 0.8 %

Shares of NASDAQ CNXC opened at $63.28 on Friday. The company has a 50 day simple moving average of $60.39 and a 200 day simple moving average of $73.33. The firm has a market cap of $4.18 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 0.73 and a beta of 0.60. Concentrix has a 1 year low of $53.89 and a 1 year high of $106.10. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. On average, research analysts forecast that Concentrix will post 11.03 EPS for the current year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 6th. Shareholders of record on Friday, July 26th will be given a dividend of $0.303 per share. This represents a $1.21 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Friday, July 26th. Concentrix’s dividend payout ratio is presently 28.01%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CNXC shares. Barrington Research reissued an outperform rating and set a $84.00 target price on shares of Concentrix in a research report on Friday, June 21st. Bank of America reaffirmed an underperform rating and set a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Scotiabank reduced their price objective on shares of Concentrix from $120.00 to $85.00 and set a sector outperform rating for the company in a research report on Monday, April 29th. Finally, Canaccord Genuity Group reaffirmed a buy rating and set a $125.00 price objective on shares of Concentrix in a research report on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $84.80.

Insider Buying and Selling at Concentrix

In related news, CEO Christopher A. Caldwell acquired 900 shares of the company’s stock in a transaction on Friday, April 19th. The shares were acquired at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the purchase, the chief executive officer now owns 239,128 shares in the company, valued at $13,053,997.52. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have purchased 1,679 shares of company stock worth $98,546. Corporate insiders own 3.00% of the company’s stock.

About Concentrix

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.