Concentrix (NASDAQ:CNXC) Releases Q4 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.90-3.16 for the period, compared to the consensus earnings per share estimate of $3.48. The company issued revenue guidance of $2.42-2.47 billion, compared to the consensus revenue estimate of $2.46 billion. Concentrix also updated its FY 2024 guidance to 11.050-11.310 EPS.

Concentrix Price Performance

Shares of Concentrix stock opened at $63.62 on Thursday. Concentrix has a twelve month low of $53.89 and a twelve month high of $106.10. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. The company has a 50-day simple moving average of $67.93 and a two-hundred day simple moving average of $63.76. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 0.67 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.63 by $0.06. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The company had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the firm posted $2.50 EPS. The firm’s revenue was up 47.4% on a year-over-year basis. Analysts forecast that Concentrix will post 10.8 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on CNXC. Bank of America upgraded shares of Concentrix from an underperform rating to a neutral rating and upped their price objective for the stock from $65.00 to $85.00 in a report on Wednesday, August 28th. Barrington Research reiterated an outperform rating and issued a $84.00 target price on shares of Concentrix in a research note on Friday, September 20th. Finally, Canaccord Genuity Group reiterated a buy rating and issued a $125.00 target price on shares of Concentrix in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $94.75.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $63.21, for a total value of $25,284.00. Following the sale, the executive vice president now directly owns 30,127 shares of the company’s stock, valued at $1,904,327.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,200 shares of company stock valued at $82,028 over the last three months. 3.00% of the stock is owned by corporate 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.