Concentrix (NASDAQ:CNXC) Issues FY24 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $11.69-12.50 for the period, compared to the consensus estimate of $11.96. The company issued revenue guidance of $9.51-9.70 billion, compared to the consensus revenue estimate of $9.63 billion. Concentrix also updated its FY 2024 guidance to 11.690-12.500 EPS.

Wall Street Analyst Weigh In

A number of research firms have commented on CNXC. Bank of America reaffirmed an underperform rating and issued a $60.00 target price (down previously from $85.00) on shares of Concentrix in a research report on Wednesday. Barrington Research dropped their price target 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 investment 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $95.80.

Concentrix Trading Up 4.8 %

NASDAQ CNXC opened at $65.20 on Thursday. The company’s 50-day moving average price is $78.34 and its 200-day moving average price is $83.61. The stock has a market cap of $4.32 billion, a PE ratio of 11.30, a PEG ratio of 0.66 and a beta of 0.50. Concentrix has a 12 month low of $59.23 and a 12 month high of $125.80. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.19.

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

Concentrix Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Quarry LP acquired a new stake in Concentrix during the first quarter worth about $26,000. KBC Group NV purchased a new stake in Concentrix in the 4th quarter worth approximately $83,000. State of Wyoming grew its stake in shares of Concentrix by 388.1% during the 2nd quarter. State of Wyoming now owns 1,064 shares of the company’s stock worth $86,000 after purchasing an additional 846 shares during the period. Royal Bank of Canada increased its holdings in shares of Concentrix by 80.4% during the 3rd 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 in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of Concentrix by 36.1% in the 4th 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 period. Hedge funds and other institutional investors own 90.34% of the company’s stock.

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.