Concentrix (NASDAQ:CNXC) Stock Price Down 4.8% After Insider Selling

Concentrix Co. (NASDAQ:CNXC - Get Free Report) fell 4.8% during mid-day trading on Monday following insider selling activity. The stock traded as low as $49.00 and last traded at $49.77. 125,646 shares traded hands during trading, a decline of 85% from the average session volume of 841,300 shares. The stock had previously closed at $52.28.

Specifically, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction that occurred 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 directly owns 41,111 shares in the company, valued at $2,285,771.60. The trade was a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group cut their price objective on Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. One equities research 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. According to data from MarketBeat, Concentrix currently has an average rating of "Buy" and an average price target of $75.00.

Concentrix Stock Down 1.0 %

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 firm has a 50 day moving average price of $46.33 and a two-hundred day moving average price of $53.29. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 0.72 and a beta of 0.66.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same period in the previous year, the business earned $3.36 EPS. Concentrix's revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, sell-side analysts expect that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st will be given a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Friday, January 31st. Concentrix's payout ratio is currently 35.85%.

Hedge Funds Weigh In On Concentrix

Several large investors have recently modified their holdings of CNXC. Aigen Investment Management LP bought a new stake in Concentrix in the fourth quarter valued at about $324,000. Victory Capital Management Inc. raised its position in shares of Concentrix by 125.6% during the 4th quarter. Victory Capital Management Inc. now owns 64,907 shares of the company's stock valued at $2,809,000 after acquiring an additional 36,134 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after purchasing an additional 286 shares during the last quarter. Unified Investment Management acquired a new position in Concentrix in the fourth quarter worth $589,000. Finally, SRS Capital Advisors Inc. increased its stake in Concentrix by 665.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 4,169 shares of the company's stock valued at $180,000 after purchasing an additional 3,624 shares during the last quarter. Institutional investors 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.