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

Concentrix Co. (NASDAQ:CNXC)’s share price dropped 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 were traded during mid-day 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 dated Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. The trade was a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group cut their target price on shares of 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $75.00.

Concentrix Trading Down 4.8 %

The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 13.34, a P/E/G ratio of 0.72 and a beta of 0.66. The company’s 50-day moving average is $46.07 and its 200-day moving average is $53.58.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, beating the consensus estimate of $3.01 by $0.25. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the prior year, the firm earned $3.36 earnings per share. Concentrix’s revenue was up 9.7% compared to the same quarter last year. On average, research analysts predict that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

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

Hedge Funds Weigh In On Concentrix

Several large investors have recently made changes to their positions in CNXC. GAMMA Investing LLC raised its holdings in 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 during the last quarter. Rhumbline Advisers grew its position in shares of Concentrix by 0.3% during the 4th quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock worth $5,565,000 after buying an additional 324 shares during the period. Venturi Wealth Management LLC raised its stake in shares of Concentrix by 159.6% during the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after buying an additional 490 shares during the last quarter. KBC Group NV lifted its holdings in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after buying an additional 815 shares during the period. Finally, Clark Estates Inc. NY boosted its stake in Concentrix by 2.0% in the third quarter. Clark Estates Inc. NY now owns 45,150 shares of the company’s stock valued at $2,314,000 after acquiring an additional 900 shares during the last quarter. Institutional investors and hedge funds 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.