Concentrix (NASDAQ:CNXC) Updates Q3 Earnings Guidance

Concentrix (NASDAQ:CNXC) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $2.76-3.04 for the period, compared to the consensus earnings per share 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 FY24 guidance to $11.40-12.07 EPS.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Scotiabank cut their price target on Concentrix from $120.00 to $85.00 and set a sector outperform rating for the company in a report on Monday, April 29th. Bank of America reaffirmed an underperform rating and set a $60.00 target price (down previously from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Finally, Barrington Research reissued an outperform rating and issued a $84.00 price target on shares of Concentrix in a report on Friday, June 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $74.75.

Concentrix Price Performance

Shares of NASDAQ CNXC traded down $0.80 during midday trading on Wednesday, reaching $58.02. The company’s stock had a trading volume of 784,337 shares, compared to its average volume of 507,089. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market cap of $3.83 billion, a P/E ratio of 12.05, a P/E/G ratio of 0.69 and a beta of 0.60. The business’s 50 day moving average price is $60.01 and its two-hundred day moving average price is $73.73. Concentrix has a fifty-two week low of $53.89 and a fifty-two week high of $106.10.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.03). The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. On average, analysts forecast that Concentrix will post 11.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell bought 900 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The shares were acquired at an average cost 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have purchased 1,679 shares of company stock valued at $98,546. 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.