Concentrix (NASDAQ:CNXC) Updates FY24 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $11.40-12.07 for the period, compared to the consensus earnings per share estimate of $11.91. The company issued revenue guidance of $9.580-9.675 billion, compared to the consensus revenue estimate of $9.60 billion. Concentrix also updated its Q3 guidance to $2.76-3.04 EPS.

Concentrix Price Performance

CNXC stock traded down $0.80 during trading on Wednesday, reaching $58.02. 784,337 shares of the company were exchanged, compared to its average volume of 507,089. The company has a 50-day moving average of $60.01 and a two-hundred day moving average of $73.73. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 0.69 and a beta of 0.60. Concentrix has a twelve month low of $53.89 and a twelve month high of $106.10. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.56.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.03). Concentrix had a net margin of 3.53% and a return on equity of 17.70%. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. As a group, equities analysts predict that Concentrix will post 11.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on CNXC. Barrington Research reaffirmed an outperform rating and issued a $84.00 price objective on shares of Concentrix in a research note on Friday, June 21st. Scotiabank cut their target price on shares of Concentrix from $120.00 to $85.00 and set a sector outperform rating on the stock in a research note on Monday, April 29th. Finally, Bank of America reissued an underperform rating and set a $60.00 target price (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $74.75.

Insider Buying and Selling at Concentrix

In other news, CEO Christopher A. Caldwell bought 900 shares of the stock in a transaction dated Friday, April 19th. The stock was bought at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the acquisition, the chief executive officer now directly owns 239,128 shares in the company, valued at approximately $13,053,997.52. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have acquired 1,679 shares of company stock valued at $98,546. 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.