Concentrix (NASDAQ:CNXC) Releases Q2 Earnings Guidance

Concentrix (NASDAQ:CNXC) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.55-2.70 for the period, compared to the consensus 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.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Bank of America reissued an underperform rating and set a $60.00 price objective (down from $85.00) on shares of Concentrix in a research report on Wednesday. Barrington Research cut their price objective on shares of Concentrix from $121.00 to $84.00 and set an outperform rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Concentrix currently has a consensus rating of Hold and a consensus price target of $95.80.

Concentrix Price Performance

CNXC 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 P/E ratio of 13.65, a P/E/G ratio of 0.69 and a beta of 0.50. The company’s 50-day simple moving average is $77.73 and its two-hundred day simple moving average is $83.49. Concentrix has a 52-week low of $59.23 and a 52-week high of $125.80.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, January 24th. The company reported $3.07 earnings per share (EPS) for the quarter, beating the consensus estimate 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. As a group, analysts predict that Concentrix will post 11.26 EPS for the current year.

Concentrix Increases Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Thursday, April 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is 24.95%.

Hedge Funds Weigh In On Concentrix

Institutional investors have recently made changes to their positions in the business. SVB Wealth LLC lifted its stake in shares of Concentrix by 25.3% in the 1st quarter. SVB Wealth LLC now owns 2,078 shares of the company’s stock worth $253,000 after purchasing an additional 419 shares during the period. PNC Financial Services Group Inc. raised 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 worth $252,000 after acquiring an additional 411 shares during the period. Baird Financial Group Inc. bought a new stake in Concentrix during the 4th quarter worth approximately $225,000. XTX Topco Ltd bought a new stake in Concentrix during the 1st quarter worth approximately $223,000. Finally, Pearl River Capital LLC bought a new stake in Concentrix during the 1st quarter worth approximately $218,000. 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.