Concentrix (NASDAQ:CNXC) Issues Earnings Results, Beats Expectations By $0.21 EPS

Concentrix (NASDAQ:CNXC - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.58 by $0.21, Briefing.com reports. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period last year, the business posted $2.57 earnings per share. The company's quarterly revenue was down 1.3% on a year-over-year basis.

Concentrix Stock Performance

NASDAQ CNXC traded down $1.48 during trading on Monday, reaching $55.47. The company's stock had a trading volume of 659,669 shares, compared to its average volume of 671,800. Concentrix has a twelve month low of $36.28 and a twelve month high of $77.00. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 0.63 and a beta of 0.69. The business's fifty day moving average price is $48.06 and its 200-day moving average price is $47.46. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be given a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix's payout ratio is currently 33.33%.

Analysts Set New Price Targets

Several brokerages recently weighed in on CNXC. 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. Canaccord Genuity Group decreased 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. Finally, Bank of America lifted their price target on shares of Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $69.60.

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Insider Buying and Selling

In related news, 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 value of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares in the company, 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 SEC, which is available at the SEC website. Corporate insiders own 3.20% of the company's stock.

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.