Concentrix (NASDAQ:CNXC) Shares Up 5.2% - What's Next?

Concentrix Co. (NASDAQ:CNXC - Get Free Report)'s share price was up 5.2% on Friday . The stock traded as high as $41.65 and last traded at $41.63. Approximately 73,832 shares were traded during trading, a decline of 87% from the average daily volume of 563,201 shares. The stock had previously closed at $39.56.

Analyst Ratings Changes

CNXC has been the subject of several recent research reports. Robert W. Baird initiated coverage on shares of Concentrix in a research report on Thursday, October 3rd. They issued an "outperform" rating and a $70.00 price target for the company. Canaccord Genuity Group cut their target price on Concentrix from $125.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, September 26th. Barrington Research lowered their price target on Concentrix from $84.00 to $70.00 and set an "outperform" rating on the stock in a research report on Thursday, September 26th. Baird R W upgraded Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. Finally, Bank of America reduced their target price on shares of Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a research note on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $79.00.

Concentrix Trading Up 10.5 %

The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The stock has a market cap of $2.83 billion, a P/E ratio of 14.19, a P/E/G ratio of 0.54 and a beta of 0.61. The company has a 50-day simple moving average of $48.43 and a 200-day simple moving average of $59.55.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.93 by ($0.06). The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The business's quarterly revenue was up 46.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.54 earnings per share. On average, sell-side analysts forecast that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a $0.333 dividend. The ex-dividend date was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.05%. This is a positive change from Concentrix's previous quarterly dividend of $0.30. Concentrix's dividend payout ratio (DPR) is currently 43.18%.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the sale, the executive vice president now owns 27,783 shares in the company, valued at $1,427,490.54. The trade was a 5.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business's stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now directly owns 241,841 shares of the company's stock, valued at approximately $12,745,020.70. This trade represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,267 shares of company stock valued at $648,945. 3.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Concentrix

A number of institutional investors have recently made changes to their positions in the stock. Hexagon Capital Partners LLC lifted its stake in Concentrix by 2,992.3% in the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company's stock valued at $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC boosted its stake in Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company's stock worth $28,000 after acquiring an additional 402 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock valued at $51,000 after purchasing an additional 285 shares during the period. Benjamin F. Edwards & Company Inc. bought a new stake in Concentrix in the second quarter valued at approximately $68,000. Finally, Quarry LP raised its holdings in Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company's stock worth $79,000 after purchasing an additional 1,101 shares during the period. 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.