Concentrix (NASDAQ:CNXC) Updates Q2 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.55-2.70 for the period, compared to the consensus earnings per share estimate of $2.83. The company issued revenue guidance of $2.325-2.372 billion, compared to the consensus revenue estimate of $2.38 billion. Concentrix also updated its FY 2024 guidance to 11.690-12.500 EPS.

Concentrix Stock Performance

CNXC stock opened at $66.22 on Friday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.38 and a current ratio of 1.56. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 0.69 and a beta of 0.50. Concentrix has a 1 year low of $59.23 and a 1 year high of $125.80. The stock’s fifty day moving average is $77.73 and its two-hundred day moving average is $83.49.

Concentrix (NASDAQ:CNXC) last issued 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 net margin of 3.53% and a return on equity of 17.70%. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.20 billion. On average, research analysts predict that Concentrix will post 11.26 EPS for the current year.

Concentrix Increases Dividend

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

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Concentrix

Institutional investors and hedge funds have recently bought and sold shares of the business. SVB Wealth LLC grew its stake in Concentrix by 25.3% during the 1st quarter. SVB Wealth LLC now owns 2,078 shares of the company’s stock valued at $253,000 after acquiring an additional 419 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Concentrix by 15.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,119 shares of the company’s stock valued at $252,000 after acquiring an additional 411 shares in the last quarter. Baird Financial Group Inc. purchased a new position in Concentrix during the 4th quarter valued at about $225,000. XTX Topco Ltd purchased a new position in Concentrix during the 1st quarter valued at about $223,000. Finally, Pearl River Capital LLC purchased a new position in Concentrix during the 1st quarter valued at about $218,000. Hedge funds and other institutional investors own 90.34% 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.