Concentrix (NASDAQ:CNXC) Issues FY24 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $11.69-12.50 for the period, compared to the consensus EPS 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 Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Bank of America restated an underperform rating and set 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 objective on Concentrix from $121.00 to $84.00 and set an outperform rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Concentrix currently has an average rating of Hold and a consensus price target of $95.80.

Concentrix Price Performance

CNXC opened at $66.22 on Friday. The stock has a market capitalization of $4.39 billion, a P/E ratio of 13.65, a PEG ratio of 0.69 and a beta of 0.50. The company has a current ratio of 1.56, a quick ratio of 1.38 and a debt-to-equity ratio of 1.23. Concentrix has a 12-month low of $59.23 and a 12-month high of $125.80. The stock has a 50-day moving average price of $77.73 and a 200-day moving average price of $83.49.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Wednesday, January 24th. The company reported $3.07 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.15. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Equities analysts predict that Concentrix will post 11.26 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be paid a $0.303 dividend. This represents a $1.21 dividend on an annualized basis and a dividend 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 payout ratio is 24.95%.

Hedge Funds Weigh In On Concentrix

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Concentrix by 23.9% in the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after purchasing an additional 1,034,546 shares during the last quarter. BlackRock Inc. increased its position in shares of Concentrix by 1.0% in the first quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock valued at $611,103,000 after acquiring an additional 35,619 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Concentrix by 0.4% during the first quarter. Wellington Management Group LLP now owns 1,207,876 shares of the company’s stock worth $201,184,000 after purchasing an additional 4,920 shares during the period. State Street Corp grew its stake in shares of Concentrix by 0.7% in the second quarter. State Street Corp now owns 1,194,806 shares of the company’s stock worth $96,481,000 after purchasing an additional 8,405 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings 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 period. 90.34% of the stock is currently 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.