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 earnings per share guidance of 11.050-11.310 for the period, compared to the consensus earnings per share 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 Ratings Changes

CNXC has been the topic of a number of research analyst reports. Bank of America cut their target price on Concentrix from $85.00 to $70.00 and set a neutral rating on the stock in a research report on Thursday. Barrington Research cut their price target on Concentrix from $84.00 to $70.00 and set an outperform rating on the stock in a research report on Thursday. Finally, Canaccord Genuity Group decreased their price objective on Concentrix from $125.00 to $100.00 and set a buy rating for the company in a report on Thursday. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Concentrix has a consensus rating of Moderate Buy and a consensus price target of $81.25.

Concentrix Price Performance

Shares of CNXC opened at $51.54 on Friday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. Concentrix has a fifty-two week low of $51.02 and a fifty-two week high of $106.10. The firm has a 50-day simple moving average of $67.59 and a 200-day simple moving average of $63.67. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 0.67 and a beta of 0.61.

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

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.