Concentrix (NASDAQ:CNXC) Shares Gap Up on Better-Than-Expected Earnings

Concentrix Co. (NASDAQ:CNXC - Get Free Report)'s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $45.68, but opened at $51.49. Concentrix shares last traded at $59.86, with a volume of 747,478 shares trading hands.

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 business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter last year, the business earned $2.57 earnings per share. The company's revenue for the quarter was down 1.3% compared to the same quarter last year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Stockholders 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 annualized dividend and a dividend yield of 2.40%. Concentrix's dividend payout ratio (DPR) is presently 33.33%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Barrington Research dropped their price target on Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday, March 24th. Canaccord Genuity Group dropped 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. Finally, Bank of America raised 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 given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $69.60.

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Insider Buying and Selling at Concentrix

In related news, Director Kathryn Hayley purchased 500 shares of Concentrix stock in a transaction dated Wednesday, January 22nd. The shares were acquired at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the acquisition, the director now directly owns 3,034 shares in the company, valued at approximately $152,367.48. The trade was a 19.73 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Concentrix

Several hedge funds and other institutional investors have recently bought and sold shares of CNXC. Steward Partners Investment Advisory LLC grew its stake 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 period. Venturi Wealth Management LLC lifted its holdings in Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock valued at $34,000 after acquiring an additional 490 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Concentrix by 58.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after acquiring an additional 444 shares during the period. KBC Group NV grew its position in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company's stock worth $87,000 after acquiring an additional 815 shares during the period. Finally, Quarry LP raised its position in Concentrix by 843.9% in the fourth quarter. Quarry LP now owns 2,539 shares of the company's stock valued at $110,000 after purchasing an additional 2,270 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Price Performance

The company has a market cap of $3.57 billion, a PE ratio of 14.96, a P/E/G ratio of 0.63 and a beta of 0.69. 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 50-day simple moving average of $48.06 and a 200 day simple moving average of $47.46.

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.