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.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $63.62 on Thursday. Concentrix has a 12 month low of $53.89 and a 12 month high of $106.10. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 0.67 and a beta of 0.61. The stock’s 50 day moving average price is $67.93 and its 200 day moving average price is $63.76. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.63 by $0.06. The company had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The firm’s revenue was up 47.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.50 earnings per share. Equities research analysts anticipate that Concentrix will post 10.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on CNXC shares. Barrington Research reaffirmed an outperform rating and issued a $84.00 price target on shares of Concentrix in a report on Friday, September 20th. Bank of America raised Concentrix from an underperform rating to a neutral rating and upped their price target for the company from $65.00 to $85.00 in a report on Wednesday, August 28th. Finally, Canaccord Genuity Group reaffirmed a buy rating and issued a $125.00 price target on shares of Concentrix in a report on Thursday, June 27th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $94.75.

Insider Buying and Selling at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $63.21, for a total transaction of $25,284.00. Following the sale, the executive vice president now directly owns 30,127 shares of the company’s stock, valued at approximately $1,904,327.67. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 1,200 shares of company stock valued at $82,028 in the last three months. 3.00% of the stock is currently owned by company 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.