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 FY 2024 guidance to 11.400-12.070 EPS.

Analyst Ratings Changes

A number of analysts have commented on the stock. Bank of America reaffirmed an underperform rating and set a $60.00 target price (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Canaccord Genuity Group restated a buy rating and issued a $125.00 target price on shares of Concentrix in a report on Thursday. Scotiabank decreased their price objective on shares of Concentrix from $120.00 to $85.00 and set a sector outperform rating for the company in a report on Monday, April 29th. Finally, Barrington Research restated an outperform rating and set a $84.00 price target on shares of Concentrix in a research note on Friday, June 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $84.80.

Concentrix Stock Up 8.2 %

Concentrix stock opened at $62.77 on Friday. Concentrix has a 1-year low of $53.89 and a 1-year high of $106.10. The business has a fifty day moving average price of $60.23 and a 200-day moving average price of $73.54. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 0.68 and a beta of 0.60.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results 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 17.42% and a net margin of 3.08%. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Equities research analysts forecast that Concentrix will post 11.03 EPS for the current fiscal year.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell bought 900 shares of the firm’s stock in a transaction dated Friday, April 19th. The shares were purchased at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the transaction, the chief executive officer now directly owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders purchased 1,679 shares of company stock valued at $98,546 in the last three months. 3.00% of the stock is owned by insiders.

Concentrix Company Profile

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.