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 Trading Up 0.8 %

Shares of NASDAQ:CNXC opened at $63.28 on Friday. Concentrix has a 52-week low of $53.89 and a 52-week high of $106.10. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 0.73 and a beta of 0.60. The stock’s 50-day simple moving average is $60.39 and its two-hundred day simple moving average is $73.33.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data 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 net margin of 3.08% and a return on equity of 17.00%. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Analysts expect that Concentrix will post 11.03 EPS for the current year.

Concentrix Dividend Announcement

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

Analyst Ratings Changes

CNXC has been the topic of several recent analyst reports. Bank of America reissued an underperform rating and set a $60.00 target price (down previously from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. Canaccord Genuity Group reaffirmed a buy rating and issued a $125.00 price objective on shares of Concentrix in a research note on Thursday. 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. Finally, Scotiabank cut their target price on Concentrix from $120.00 to $85.00 and set a sector outperform rating on the stock in a research report on Monday, April 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $84.80.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell acquired 900 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was bought at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the acquisition, the chief executive officer now directly owns 239,128 shares in the company, valued at $13,053,997.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired a total of 1,679 shares of company stock worth $98,546 in the last quarter. 3.00% of the stock is owned by company insiders.

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.