Concentrix (NASDAQ:CNXC) Sets New 1-Year Low After Earnings Miss

Shares of Concentrix Co. (NASDAQ:CNXC - Get Free Report) hit a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $51.78 and last traded at $53.35, with a volume of 562378 shares. The stock had previously closed at $63.62.

The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. Concentrix's revenue for the quarter was up 46.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.54 earnings per share.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Canaccord Genuity Group lowered their price target on Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday. Bank of America cut their target price on Concentrix from $85.00 to $70.00 and set a "neutral" rating for the company in a research note on Thursday. Finally, Barrington Research decreased their price target on shares of Concentrix from $84.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $81.25.

Insider Activity

In related news, EVP Cormac J. Twomey sold 400 shares of the firm's stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the completion of the transaction, the executive vice president now owns 29,727 shares in the company, valued at approximately $1,998,546.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have sold 1,200 shares of company stock worth $82,028. Company insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Concentrix

Hedge funds have recently made changes to their positions in the company. Hexagon Capital Partners LLC increased its holdings in Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company's stock valued at $25,000 after purchasing an additional 389 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Concentrix by 1,005.0% during the second quarter. GAMMA Investing LLC now owns 442 shares of the company's stock worth $28,000 after purchasing an additional 402 shares during the last quarter. Pineridge Advisors LLC bought a new position in shares of Concentrix in the fourth quarter valued at about $35,000. First Horizon Advisors Inc. lifted its position in Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock worth $51,000 after buying an additional 285 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix during the second quarter valued at approximately $68,000. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Trading Down 19.0 %

The business's fifty day moving average is $67.93 and its two-hundred day moving average is $63.76. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 0.67 and a beta of 0.61.

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.