Concentrix (NASDAQ:CNXC) Issues 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 11.400-12.070 for the period, compared to the consensus EPS estimate of 11.910. The company issued revenue guidance of $9.6 billion-$9.7 billion, compared to the consensus revenue estimate of $9.6 billion. Concentrix also updated its FY24 guidance to $11.40-12.07 EPS.

Concentrix Stock Performance

Shares of Concentrix stock opened at $63.28 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. Concentrix has a twelve month low of $53.89 and a twelve month high of $106.10. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 14.65, a P/E/G ratio of 0.73 and a beta of 0.60. The company’s fifty day moving average is $60.39 and its 200 day moving average is $73.33.

Concentrix (NASDAQ:CNXC) last issued 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). Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Sell-side analysts forecast that Concentrix will post 11.03 EPS for the current year.

Concentrix Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.21 dividend on an annualized basis and a yield of 1.92%. Concentrix’s dividend payout ratio (DPR) is currently 28.01%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Barrington Research reaffirmed an outperform rating and set a $84.00 price target on shares of Concentrix in a research report on Friday, June 21st. Canaccord Genuity Group reaffirmed a buy rating and set a $125.00 price target on shares of Concentrix in a research report on Thursday. Bank of America reaffirmed an underperform rating and set a $60.00 price target (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Finally, Scotiabank cut their price target on shares of 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 investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Concentrix currently has an average rating of Hold and a consensus target price of $84.80.

Insider Transactions at Concentrix

In related news, CEO Christopher A. Caldwell acquired 900 shares of the business’s stock in a transaction dated Friday, April 19th. The shares were bought at an average price of $54.59 per share, with a total value of $49,131.00. Following 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 legal filing with the SEC, which is available at the SEC website. Insiders have purchased 1,679 shares of company stock valued at $98,546 in the last 90 days. 3.00% of the stock is currently owned by corporate 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.