Concentrix (NASDAQ:CNXC) Releases FY 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 11.690-12.500 for the period, compared to the consensus earnings per share estimate of 11.960. The company issued revenue guidance of $9.5 billion-$9.7 billion, compared to the consensus revenue estimate of $9.6 billion. Concentrix also updated its FY24 guidance to $11.69-12.50 EPS.

Concentrix Trading Down 0.6 %

NASDAQ CNXC traded down $0.38 during trading hours on Tuesday, hitting $62.23. The company’s stock had a trading volume of 571,104 shares, compared to its average volume of 500,695. The stock has a fifty day moving average of $79.59 and a 200 day moving average of $83.81. Concentrix has a twelve month low of $59.23 and a twelve month high of $125.80. The firm has a market capitalization of $4.13 billion, a P/E ratio of 10.85, a PEG ratio of 0.65 and a beta of 0.50. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.19.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, January 24th. The company reported $3.07 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.15. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.20 billion. Concentrix had a net margin of 4.41% and a return on equity of 18.31%. Equities research analysts forecast that Concentrix will post 11.26 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 5th were given a dividend of $0.3025 per share. This represents a $1.21 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Friday, February 2nd. Concentrix’s dividend payout ratio is 20.97%.

Analysts Set New Price Targets

Separately, Barrington Research reaffirmed an outperform rating and issued a $121.00 target price on shares of Concentrix in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $124.20.

Institutional Investors Weigh In On Concentrix

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after buying an additional 1,034,546 shares during the last quarter. BlackRock Inc. boosted its position in Concentrix by 1.0% during the first quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock worth $611,103,000 after purchasing an additional 35,619 shares during the period. Wellington Management Group LLP boosted its position in Concentrix by 0.4% during the first quarter. Wellington Management Group LLP now owns 1,207,876 shares of the company’s stock worth $201,184,000 after purchasing an additional 4,920 shares during the period. State Street Corp boosted its position in Concentrix by 0.7% during the second quarter. State Street Corp now owns 1,194,806 shares of the company’s stock worth $96,481,000 after purchasing an additional 8,405 shares during the period. Finally, Geode Capital Management LLC boosted its position in Concentrix by 8.0% during the first quarter. Geode Capital Management LLC now owns 681,836 shares of the company’s stock worth $82,877,000 after purchasing an additional 50,527 shares during the period. 90.34% of the stock is owned by institutional investors.

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.