Concentrix (NASDAQ:CNXC) Shares Down 8.2% – What’s Next?

Shares of Concentrix Co. (NASDAQ:CNXC) fell 8.2% during mid-day trading on Friday . The company traded as low as $60.49 and last traded at $59.74. 319,730 shares changed hands during trading, a decline of 51% from the average session volume of 649,487 shares. The stock had previously closed at $65.04.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Barrington Research reduced their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday. Bank of America increased their price target on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Canaccord Genuity Group decreased their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Concentrix presently has a consensus rating of “Buy” and an average price target of $69.60.

Concentrix Stock Performance

The stock’s 50 day moving average is $47.90 and its two-hundred day moving average is $47.85. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter last year, the firm earned $2.57 EPS. Concentrix’s revenue for the quarter was down 1.3% compared to the same quarter last year. Analysts expect that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th will be issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, April 25th. Concentrix’s payout ratio is 35.85%.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares of the company’s stock, valued at $2,285,771.60. This trade represents a 1.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Hedge funds have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC boosted its stake in Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the period. Venturi Wealth Management LLC raised its stake in Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after purchasing an additional 490 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in Concentrix by 58.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after purchasing an additional 444 shares during the period. KBC Group NV grew its position in shares of Concentrix by 68.3% during the 4th quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after purchasing an additional 815 shares in the last quarter. Finally, Quarry LP raised its position in shares of Concentrix by 843.9% in the fourth quarter. Quarry LP now owns 2,539 shares of the company’s stock valued at $110,000 after buying an additional 2,270 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.