Concentrix (NASDAQ:CNXC) Trading Down 8.2% – Should You Sell?

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CNXC shares. Bank of America raised their target price on Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday. Barrington Research cut their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, March 24th. Finally, Canaccord Genuity Group lowered their target price on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. One 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $69.60.

Concentrix Stock Performance

The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a fifty day moving average price of $48.06 and a 200-day moving average price of $47.60. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the previous year, the company posted $2.57 EPS. Concentrix’s revenue was down 1.3% compared to the same quarter last year. On average, analysts expect that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be given a $0.3328 dividend. The ex-dividend date is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.34%. Concentrix’s payout ratio is currently 35.85%.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the sale, the executive vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp boosted its position in shares of Concentrix by 1.3% during the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after purchasing an additional 18,304 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Concentrix by 43.9% during the fourth quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after buying an additional 21,568 shares in the last quarter. Neo Ivy Capital Management acquired a new position in Concentrix during the third quarter worth about $2,844,000. Thompson Investment Management Inc. increased its holdings in Concentrix by 1,232.8% in the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after buying an additional 129,876 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Concentrix during the 4th quarter valued at approximately $4,752,000. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Company Profile

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.