Concentrix (NASDAQ:CNXC) Stock Price Down 3.7% – What’s Next?

Concentrix Co. (NASDAQ:CNXC)’s stock price fell 3.7% on Tuesday . The stock traded as low as $36.28 and last traded at $36.38. 262,747 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 560,797 shares. The stock had previously closed at $37.77.

Analysts Set New Price Targets

Several brokerages recently weighed in on CNXC. Robert W. Baird initiated coverage on shares of Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target on the stock. Canaccord Genuity Group dropped their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Bank of America decreased their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Barrington Research reduced their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Concentrix has an average rating of “Buy” and a consensus price target of $79.00.

Concentrix Stock Performance

The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The stock’s 50 day moving average is $50.66 and its 200 day moving average is $60.12. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 0.53 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company’s quarterly revenue was up 46.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.54 earnings per share. On average, analysts predict that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 3.57%. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the transaction, the executive vice president now owns 29,327 shares in the company, valued at $2,188,674.01. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. This trade represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,267 shares of company stock worth $648,945. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Concentrix

A number of institutional investors and hedge funds have recently modified their holdings of the business. Neo Ivy Capital Management acquired a new position in Concentrix during the third quarter worth $2,844,000. Geode Capital Management LLC grew its stake in Concentrix by 5.2% during the third quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock worth $45,013,000 after buying an additional 43,295 shares in the last quarter. Barclays PLC boosted its stake in shares of Concentrix by 134.3% in the 3rd quarter. Barclays PLC now owns 35,862 shares of the company’s stock valued at $1,837,000 after purchasing an additional 20,559 shares in the last quarter. State Street Corp raised its holdings in Concentrix by 1.3% in the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after buying an additional 18,304 shares during the last quarter. Finally, Stifel Financial Corp raised its holdings in Concentrix by 9.0% in the 3rd quarter. Stifel Financial Corp now owns 36,131 shares of the company’s stock valued at $1,852,000 after buying an additional 2,997 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

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.