Concentrix (NASDAQ:CNXC) Releases Q3 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $2.76-3.04 for the period, compared to the consensus estimate of $3.22. The company issued revenue guidance of $2.35-2.40 billion, compared to the consensus revenue estimate of $2.39 billion. Concentrix also updated its FY 2024 guidance to 11.400-12.070 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CNXC. Scotiabank cut their price objective on Concentrix from $120.00 to $85.00 and set a sector outperform rating on the stock in a report on Monday, April 29th. Canaccord Genuity Group reiterated a buy rating and issued a $125.00 price target on shares of Concentrix in a report on Thursday. Bank of America restated an underperform rating and set a $60.00 price objective (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. Finally, Barrington Research reissued an outperform rating and set a $84.00 target price on shares of Concentrix in a report on Friday, June 21st. One equities research 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. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $84.80.

Concentrix Stock Performance

Shares of CNXC stock opened at $62.77 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. Concentrix has a 12-month low of $53.89 and a 12-month high of $106.10. The business’s 50 day moving average is $60.23 and its two-hundred day moving average is $73.54. The company has a market capitalization of $4.14 billion, a P/E ratio of 14.53, a P/E/G ratio of 0.68 and a beta of 0.60.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.42%. Analysts expect that Concentrix will post 11.03 EPS for the current fiscal year.

Insider Buying and Selling at Concentrix

In related news, CEO Christopher A. Caldwell purchased 900 shares of Concentrix stock in a transaction that occurred on Friday, April 19th. The stock was purchased at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the transaction, the chief executive officer now directly owns 239,128 shares in the company, valued at $13,053,997.52. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders have purchased a total of 1,679 shares of company stock valued at $98,546 over the last ninety days. Corporate insiders own 3.00% 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.