Concentrix (NASDAQ:CNXC) Stock Price Down 4.8% on Insider Selling

Concentrix Co. (NASDAQ:CNXC)’s share price was down 4.8% during mid-day trading on Monday following insider selling activity. The stock traded as low as $49.00 and last traded at $49.77. Approximately 125,646 shares traded hands during trading, a decline of 85% from the average daily volume of 841,300 shares. The stock had previously closed at $52.28.

Specifically, EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group cut their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Concentrix currently has an average rating of “Buy” and a consensus price target of $75.00.

Concentrix Stock Performance

The stock has a 50-day moving average of $46.07 and a 200-day moving average of $53.58. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 0.72 and a beta of 0.66. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $3.36 EPS. As a group, analysts anticipate that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st will be given a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is presently 35.85%.

Hedge Funds Weigh In On Concentrix

Several institutional investors and hedge funds have recently modified their holdings of the stock. Venturi Wealth Management LLC boosted its position in shares of Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after acquiring an additional 490 shares during the period. GAMMA Investing LLC grew its holdings in shares of Concentrix by 64.9% during the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after purchasing an additional 287 shares in the last quarter. KBC Group NV increased its position in shares of Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after purchasing an additional 815 shares during the period. Quest Partners LLC acquired a new position in Concentrix in the third quarter valued at about $146,000. Finally, Blue Trust Inc. lifted its position in Concentrix by 62.4% during the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock worth $161,000 after purchasing an additional 1,204 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Company Profile

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.