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 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. The company has a market cap of $4.13 billion, a PE ratio of 14.73, a P/E/G ratio of 0.67 and a beta of 0.61. Concentrix has a fifty-two week low of $53.89 and a fifty-two week high of $106.10. The firm has a 50-day simple moving average of $67.93 and a 200 day simple moving average of $63.76. 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 (NASDAQ:CNXC) last issued its earnings results on Wednesday, June 26th. The company reported $2.69 EPS for the quarter, beating analysts’ consensus estimates of $2.63 by $0.06. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm posted $2.50 earnings per share. Concentrix’s quarterly revenue was up 47.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Concentrix will post 10.8 EPS for the current year.

Wall Street Analyst Weigh In

CNXC has been the subject of a number of research reports. Bank of America upgraded Concentrix from an underperform rating to a neutral rating and lifted their target price for the company from $65.00 to $85.00 in a research note on Wednesday, August 28th. Barrington Research restated an outperform rating and issued a $84.00 target price on shares of Concentrix in a research note on Friday, September 20th. Finally, Canaccord Genuity Group restated a buy rating and issued a $125.00 target price on shares of Concentrix in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $94.75.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the completion of the transaction, the executive vice president now directly owns 29,727 shares in the company, valued at $1,998,546.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 1,200 shares of company stock worth $82,028. Company insiders own 3.00% of the company’s stock.

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.