Concentrix (NASDAQ:CNXC) Issues FY 2024 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 11.690-12.500 for the period, compared to the consensus EPS 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 Up 1.6 %

Shares of Concentrix stock opened at $66.22 on Friday. The firm has a market capitalization of $4.39 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 0.69 and a beta of 0.50. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.38. The company’s fifty day moving average price is $77.73 and its two-hundred day moving average price is $83.49. Concentrix has a 52-week low of $59.23 and a 52-week high of $125.80.

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 business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.20 billion. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. On average, analysts expect that Concentrix will post 11.26 EPS for the current year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be given a dividend of $0.303 per share. The ex-dividend date is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.21 dividend on an annualized basis and a yield of 1.83%. Concentrix’s dividend payout ratio is presently 24.95%.

Analysts Set New Price Targets

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

Institutional Trading of Concentrix

A number of large investors have recently bought and sold shares of the business. Quarry LP acquired a new stake in shares of Concentrix in the first quarter valued at approximately $26,000. KBC Group NV acquired a new stake in shares of Concentrix in the fourth quarter valued at approximately $83,000. State of Wyoming raised its holdings in shares of Concentrix by 388.1% in the second quarter. State of Wyoming now owns 1,064 shares of the company’s stock valued at $86,000 after purchasing an additional 846 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Concentrix by 80.4% in the third quarter. Royal Bank of Canada now owns 1,097 shares of the company’s stock valued at $122,000 after purchasing an additional 489 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Concentrix by 36.1% in the fourth quarter. Advisors Asset Management Inc. now owns 1,214 shares of the company’s stock valued at $162,000 after purchasing an additional 322 shares during the last quarter. 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.