Concentrix (NASDAQ:CNXC) Updates 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 Stock Up 1.6 %

Shares of NASDAQ:CNXC opened at $66.22 on Friday. Concentrix has a 52-week low of $59.23 and a 52-week high of $125.80. The firm has a market capitalization of $4.39 billion, a P/E ratio of 13.65, a P/E/G ratio of 0.69 and a beta of 0.50. The stock has a 50 day moving average price of $77.73 and a 200-day moving average price of $83.49. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.38 and a current ratio of 1.56.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, January 24th. The company reported $3.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.15. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.20 billion. As a group, equities research analysts anticipate that Concentrix will post 11.26 EPS for the current fiscal year.

Concentrix Increases Dividend

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of Concentrix

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Concentrix by 23.9% during the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after purchasing an additional 1,034,546 shares during the last quarter. BlackRock Inc. boosted its stake in Concentrix by 1.0% during the 1st quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock valued at $611,103,000 after purchasing an additional 35,619 shares during the last quarter. Wellington Management Group LLP boosted its stake in Concentrix by 0.4% during the 1st quarter. Wellington Management Group LLP now owns 1,207,876 shares of the company’s stock valued at $201,184,000 after purchasing an additional 4,920 shares during the last quarter. State Street Corp boosted its stake in Concentrix by 0.7% during the 2nd quarter. State Street Corp now owns 1,194,806 shares of the company’s stock valued at $96,481,000 after purchasing an additional 8,405 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Concentrix by 8.0% during the 1st quarter. Geode Capital Management LLC now owns 681,836 shares of the company’s stock valued at $82,877,000 after purchasing an additional 50,527 shares during the last quarter. 90.34% of the stock is currently owned by hedge funds and other 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.