Principal Financial Group Inc. Decreases Holdings in Concentrix Co. (NASDAQ:CNXC)

Principal Financial Group Inc. lowered its stake in Concentrix Co. (NASDAQ:CNXC - Free Report) by 30.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,029 shares of the company's stock after selling 47,014 shares during the period. Principal Financial Group Inc. owned 0.17% of Concentrix worth $5,588,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp boosted its position in Concentrix by 1.3% during the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company's stock worth $71,850,000 after buying an additional 18,304 shares during the period. GSA Capital Partners LLP bought a new position in shares of Concentrix during the third quarter valued at $1,243,000. Raymond James & Associates raised its stake in shares of Concentrix by 73.3% during the third quarter. Raymond James & Associates now owns 55,313 shares of the company's stock valued at $2,835,000 after acquiring an additional 23,387 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Concentrix by 24.8% during the third quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company's stock worth $3,319,000 after purchasing an additional 12,870 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of Concentrix in the third quarter worth $1,255,000. Institutional investors own 90.34% of the company's stock.

Insiders Place Their Bets

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 11,323 shares of company stock worth $584,362. 3.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CNXC shares. Bank of America cut their target price on Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a report on Thursday, September 26th. Baird R W raised Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. Robert W. Baird started coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an "outperform" rating and a $70.00 target price for the company. Barrington Research lowered their price target on shares of Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a report on Thursday, September 26th. Finally, Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a "buy" 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $79.00.

Concentrix Trading Up 0.6 %

Shares of NASDAQ:CNXC traded up $0.27 during mid-day trading on Thursday, hitting $43.54. The company had a trading volume of 372,775 shares, compared to its average volume of 580,326. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. Concentrix Co. has a one year low of $36.28 and a one year high of $106.10. The firm has a fifty day moving average price of $42.83 and a 200 day moving average price of $55.96. The company has a market capitalization of $2.82 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 0.56 and a beta of 0.63.

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.