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

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CNXC shares. Bank of America boosted their price target on Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday. 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. Finally, Barrington Research reduced their target price 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. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $69.60.

Concentrix Price Performance

The company has a 50-day moving average of $48.06 and a two-hundred day moving average of $47.60. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market capitalization of $3.66 billion, a PE ratio of 15.35, a P/E/G ratio of 0.63 and a beta of 0.69.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. The firm 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%. Concentrix’s revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.57 earnings per share. Sell-side analysts predict that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Friday, April 25th. Concentrix’s payout ratio is currently 35.85%.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was 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 in the company, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

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.