Concentrix (NASDAQ:CNXC) Updates Q4 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $2.90-3.16 for the period, compared to the consensus estimate of $3.48. The company issued revenue guidance of $2.42-2.47 billion, compared to the consensus revenue estimate of $2.46 billion. Concentrix also updated its FY 2024 guidance to 11.050-11.310 EPS.

Concentrix Stock Performance

CNXC opened at $51.56 on Friday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. The business’s 50-day simple moving average is $67.29 and its 200 day simple moving average is $63.58. The firm has a market capitalization of $3.35 billion, a PE ratio of 11.94, a PEG ratio of 0.68 and a beta of 0.61. Concentrix has a 52-week low of $50.23 and a 52-week high of $106.10.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the business posted $2.54 earnings per share. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. As a group, sell-side analysts expect that Concentrix will post 10.8 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be issued a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.58%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, October 25th. Concentrix’s dividend payout ratio is presently 28.01%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Barrington Research dropped their price target on Concentrix from $84.00 to $70.00 and set an outperform rating on the stock in a research note on Thursday. Canaccord Genuity Group cut their target price on shares of Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research note on Thursday. Finally, Bank of America decreased their price target on shares of Concentrix from $85.00 to $70.00 and set a neutral rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $81.25.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.00% of the stock is currently owned by insiders.

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.