Concentrix (NASDAQ:CNXC) Updates FY 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 11.050-11.310 for the period, compared to the consensus 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CNXC shares. Bank of America reduced their price objective on Concentrix from $85.00 to $70.00 and set a neutral rating for the company in a research note on Thursday. Canaccord Genuity Group reduced their price target on Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research report on Thursday. Finally, Barrington Research decreased their price target on Concentrix from $84.00 to $70.00 and set an outperform 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. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $81.25.

Concentrix Stock Down 19.0 %

CNXC stock opened at $51.54 on Friday. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 0.67 and a beta of 0.61. The firm has a 50-day moving average of $67.59 and a two-hundred day moving average of $63.67. Concentrix has a 12 month low of $51.02 and a 12 month high of $106.10. The company has a current ratio of 1.54, a quick ratio of 1.56 and a debt-to-equity ratio of 1.21.

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

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $67.23, for a total value of $26,892.00. Following the completion of the transaction, the executive vice president now owns 29,727 shares in the company, valued at $1,998,546.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.00% of the stock is owned by corporate 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.