Dark Forest Capital Management LP Buys New Shares in Concentrix Co. (NASDAQ:CNXC)

Dark Forest Capital Management LP purchased a new stake in shares of Concentrix Co. (NASDAQ:CNXC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,527 shares of the company’s stock, valued at approximately $1,278,000.

Other hedge funds have also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC boosted its holdings in shares of Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the last quarter. Rhumbline Advisers lifted its stake in Concentrix by 0.3% in the fourth quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock valued at $5,565,000 after acquiring an additional 324 shares during the last quarter. Parkside Financial Bank & Trust grew its position in shares of Concentrix by 58.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after acquiring an additional 444 shares during the period. Xponance Inc. increased its stake in shares of Concentrix by 8.9% during the 4th quarter. Xponance Inc. now owns 5,540 shares of the company’s stock worth $240,000 after purchasing an additional 455 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in shares of Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after purchasing an additional 490 shares during the period. 90.34% of the stock is currently owned by institutional investors.

Concentrix Stock Performance

CNXC opened at $47.82 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00. The business has a fifty day simple moving average of $47.51 and a 200 day simple moving average of $46.25. The company has a market capitalization of $3.05 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 0.63 and a beta of 0.51.

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

Concentrix Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.78%. The ex-dividend date is Friday, April 25th. Concentrix’s payout ratio is presently 33.33%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CNXC shares. Canaccord Genuity Group reduced their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Barrington Research decreased their target price on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, March 24th. Finally, Bank of America increased their price target on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. 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. According to MarketBeat, Concentrix currently has a consensus rating of “Buy” and an average price target of $69.60.

Insiders Place Their Bets

In other Concentrix news, Director Olivier Duha sold 29,444 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the transaction, the director now directly owns 1,155,862 shares of the company’s stock, valued at approximately $56,082,424.24. The trade was a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares of the company’s stock, valued at $2,285,771.60. This represents a 1.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,444 shares of company stock worth $1,484,078. 3.20% of the stock is currently owned by insiders.

Concentrix 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.