Concentrix (NASDAQ:CNXC) Posts Quarterly Earnings Results

Concentrix (NASDAQ:CNXC) announced its quarterly earnings results on Wednesday. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21, Briefing.com reports. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.57 EPS.

Concentrix Stock Up 37.7 %

Shares of NASDAQ:CNXC traded up $17.24 during trading on Thursday, hitting $62.92. The company’s stock had a trading volume of 2,522,156 shares, compared to its average volume of 641,859. 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 has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The stock’s 50-day moving average price is $47.58 and its two-hundred day moving average price is $47.73. The company has a market capitalization of $4.05 billion, a PE ratio of 16.97, a PEG ratio of 0.63 and a beta of 0.69.

Concentrix Cuts Dividend

The firm also recently announced 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. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s payout ratio is 35.85%.

Insider Activity

In other news, Director Kathryn Hayley bought 500 shares of Concentrix stock in a transaction on Wednesday, January 22nd. The stock was purchased at an average cost of $50.22 per share, with a total value of $25,110.00. Following the purchase, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $152,367.48. This trade represents a 19.73 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

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

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.