Concentrix (NASDAQ:CNXC) Updates Q3 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.76-3.04 for the period, compared to the consensus earnings per share estimate of $3.22. The company issued revenue guidance of $2.35-2.40 billion, compared to the consensus revenue estimate of $2.39 billion. Concentrix also updated its FY 2024 guidance to 11.400-12.070 EPS.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CNXC. Bank of America reissued an underperform rating and issued a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Canaccord Genuity Group reissued a buy rating and set a $125.00 price target on shares of Concentrix in a research note on Thursday. Scotiabank lowered their price objective on 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, Barrington Research reiterated an outperform rating and issued a $84.00 target price on shares of Concentrix in a research note on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $84.80.

Concentrix Price Performance

Shares of Concentrix stock opened at $62.77 on Friday. The business’s fifty day moving average price is $60.23 and its 200 day moving average price is $73.54. Concentrix has a twelve month low of $53.89 and a twelve month high of $106.10. 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 stock has a market capitalization of $4.14 billion, a P/E ratio of 14.53, a PEG ratio of 0.68 and a beta of 0.60.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.03). The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.42%. As a group, research analysts anticipate that Concentrix will post 11.03 earnings per share for the current year.

Insider Buying and Selling at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell acquired 900 shares of the company’s stock in a transaction dated Friday, April 19th. The stock was bought at an average price of $54.59 per share, with a total value of $49,131.00. Following the completion of the transaction, the chief executive officer now directly owns 239,128 shares of the company’s stock, valued at $13,053,997.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 1,679 shares of company stock valued at $98,546 over the last ninety days. 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.