Short Interest in Concentrix Co. (NASDAQ:CNXC) Grows By 5.1%

Concentrix Co. (NASDAQ:CNXC) saw a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 7,900,000 shares, an increase of 5.1% from the January 15th total of 7,520,000 shares. Currently, 17.4% of the shares of the company are short sold. Based on an average daily volume of 753,200 shares, the days-to-cover ratio is presently 10.5 days.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lowered their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $75.00.

Insiders Place Their Bets

In related news, Director Kathryn Hayley purchased 500 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were purchased at an average price of $50.22 per share, with a total value of $25,110.00. Following the completion of the acquisition, the director now directly owns 3,034 shares in the company, valued at $152,367.48. This represents a 19.73 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 1,500 shares of company stock valued at $72,400. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CNXC. CWM LLC raised its position in shares of Concentrix by 34.4% during the 3rd quarter. CWM LLC now owns 8,682 shares of the company’s stock worth $445,000 after purchasing an additional 2,224 shares during the last quarter. Blue Trust Inc. raised its stake 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. Raymond James & Associates raised its stake in Concentrix by 73.3% during the third quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock worth $2,835,000 after purchasing an additional 23,387 shares during the period. Copeland Capital Management LLC raised its stake in shares of Concentrix by 1.8% in the 3rd quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock valued at $51,423,000 after acquiring an additional 17,653 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Concentrix by 16.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company’s stock worth $540,000 after buying an additional 1,475 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Price Performance

Shares of CNXC opened at $48.99 on Wednesday. Concentrix has a twelve month low of $36.28 and a twelve month high of $84.11. The stock’s 50 day moving average is $46.88 and its two-hundred day moving average is $51.96. The firm has a market capitalization of $3.15 billion, a PE ratio of 13.20, a P/E/G ratio of 0.66 and a beta of 0.67. 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 quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the company earned $3.36 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. Research analysts anticipate that Concentrix will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were given a dividend of $0.3328 per share. The ex-dividend date was Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.72%. Concentrix’s payout ratio is 35.85%.

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.