Envestnet Asset Management Inc. Buys 42,795 Shares of Concentrix Co. (NASDAQ:CNXC)

Envestnet Asset Management Inc. increased its position in Concentrix Co. (NASDAQ:CNXC - Free Report) by 38.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 153,419 shares of the company's stock after acquiring an additional 42,795 shares during the period. Envestnet Asset Management Inc. owned about 0.24% of Concentrix worth $6,638,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Barclays PLC boosted its position in shares of Concentrix by 134.3% during the third quarter. Barclays PLC now owns 35,862 shares of the company's stock worth $1,837,000 after acquiring an additional 20,559 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Concentrix by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company's stock worth $45,013,000 after buying an additional 43,295 shares during the period. Franklin Resources Inc. purchased a new position in shares of Concentrix in the 3rd quarter worth approximately $445,000. Nordea Investment Management AB grew its position in Concentrix by 43.9% during the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company's stock worth $3,076,000 after purchasing an additional 21,568 shares during the last quarter. Finally, First Hawaiian Bank increased its position in shares of Concentrix by 51.3% in the 4th quarter. First Hawaiian Bank now owns 13,619 shares of the company's stock valued at $589,000 after acquiring an additional 4,619 shares during the period. Institutional investors own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CNXC. Barrington Research dropped their price target on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, March 24th. Canaccord Genuity Group lowered their price objective on Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Finally, Bank of America raised their target price on Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. One 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. Based on data from MarketBeat, Concentrix has an average rating of "Buy" and an average target price of $69.60.

Insider Activity at Concentrix

In other Concentrix news, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the completion of the transaction, the director now directly owns 1,155,862 shares in the company, valued at $56,082,424.24. The trade was a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $55.31, for a total value of $27,655.00. Following the sale, the executive vice president now directly owns 39,130 shares in the company, valued at approximately $2,164,280.30. This trade represents a 1.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 30,444 shares of company stock valued at $1,484,078. Corporate insiders own 3.20% of the company's stock.

Concentrix Price Performance

Concentrix stock traded up $2.51 during mid-day trading on Thursday, reaching $50.62. The company had a trading volume of 402,324 shares, compared to its average volume of 929,256. The stock's 50-day simple moving average is $47.51 and its 200-day simple moving average is $46.27. The company has a market capitalization of $3.23 billion, a P/E ratio of 13.64, a P/E/G ratio of 0.63 and a beta of 0.51. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) 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 company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm's quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.57 EPS. On average, equities analysts predict that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The business 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 dividend of $0.3328 per share. The ex-dividend date is Friday, April 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.63%. Concentrix's payout ratio is currently 33.33%.

Concentrix 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.