Concentrix (NASDAQ:CNXC) Updates FY 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 11.690-12.500 for the period, compared to the consensus 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.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CNXC. Bank of America reiterated an underperform rating and issued a $60.00 price target (down from $85.00) on shares of Concentrix in a report on Wednesday. Barrington Research dropped their target price on shares of Concentrix from $121.00 to $84.00 and set an outperform rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Concentrix currently has a consensus rating of Hold and a consensus target price of $95.80.

Concentrix Trading Up 4.8 %

Shares of CNXC opened at $65.20 on Thursday. Concentrix has a 1-year low of $59.23 and a 1-year high of $125.80. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.38 and a quick ratio of 1.38. The firm’s 50 day simple moving average is $78.34 and its 200 day simple moving average is $83.61. The company has a market capitalization of $4.32 billion, a P/E ratio of 11.30, a P/E/G ratio of 0.66 and a beta of 0.50.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.15. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Concentrix had a return on equity of 18.77% and a net margin of 3.53%. Sell-side analysts forecast that Concentrix will post 11.26 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Investors of record on Friday, April 26th will be paid a dividend of $0.303 per share. This represents a $1.21 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is currently 20.97%.

Institutional Trading of Concentrix

Several hedge funds and other institutional investors have recently bought and sold shares of CNXC. Utah Retirement Systems raised its position in Concentrix by 4.5% in the 2nd quarter. Utah Retirement Systems now owns 2,300 shares of the company’s stock valued at $312,000 after buying an additional 100 shares during the last quarter. Public Employees Retirement Association of Colorado grew its holdings in shares of Concentrix by 2.8% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 4,767 shares of the company’s stock worth $468,000 after acquiring an additional 128 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Concentrix by 7.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,859 shares of the company’s stock worth $310,000 after acquiring an additional 133 shares during the period. LPL Financial LLC raised its position in Concentrix by 8.7% during the second quarter. LPL Financial LLC now owns 2,302 shares of the company’s stock valued at $312,000 after purchasing an additional 184 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of Concentrix by 4.3% in the fourth quarter. Wells Fargo & Company MN now owns 4,427 shares of the company’s stock worth $589,000 after buying an additional 184 shares during the period. 90.34% of the stock is owned by institutional investors.

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.