Concentrix (NASDAQ:CNXC) Updates FY 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 11.050-11.310 for the period, compared to the consensus EPS estimate of 11.710. The company issued revenue guidance of $9.6 billion-$9.6 billion, compared to the consensus revenue estimate of $9.6 billion. Concentrix also updated its Q4 guidance to $2.90-3.16 EPS.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CNXC shares. Barrington Research reduced their target price on Concentrix from $84.00 to $70.00 and set an outperform rating for the company in a report on Thursday. Canaccord Genuity Group reduced their price objective on Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research note on Thursday. Finally, Bank of America lowered their target price on Concentrix from $85.00 to $70.00 and set a neutral rating on the stock in a research note on Thursday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $81.25.

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $51.56 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.56 and a debt-to-equity ratio of 1.21. The stock has a fifty day simple moving average of $67.29 and a two-hundred day simple moving average of $63.58. Concentrix has a 1-year low of $50.23 and a 1-year high of $106.10. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 11.94, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the company posted $2.54 EPS. The firm’s revenue was up 46.2% compared to the same quarter last year. Analysts anticipate that Concentrix will post 10.8 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a $0.333 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.58%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is 28.01%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at $2,188,674.01. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.00% of the stock is owned by company 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.