Wealthfront Advisers LLC Purchases Shares of 77,806 Concentrix Co. (NASDAQ:CNXC)

Wealthfront Advisers LLC purchased a new stake in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 77,806 shares of the company's stock, valued at approximately $3,367,000. Wealthfront Advisers LLC owned about 0.12% of Concentrix at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pzena Investment Management LLC boosted its holdings in shares of Concentrix by 60.0% in the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock worth $101,667,000 after purchasing an additional 880,960 shares in the last quarter. Invenomic Capital Management LP increased its holdings in shares of Concentrix by 354.3% in the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company's stock worth $24,202,000 after buying an additional 368,295 shares during the period. Copeland Capital Management LLC grew its position in Concentrix by 32.9% during the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company's stock worth $57,688,000 after acquiring an additional 329,831 shares during the last quarter. Thompson Investment Management Inc. increased its stake in Concentrix by 1,232.8% in the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company's stock worth $6,076,000 after purchasing an additional 129,876 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Concentrix in the 4th quarter worth approximately $4,752,000. Hedge funds and other institutional investors own 90.34% of the company's stock.

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Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group cut their target price on shares of Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. One investment 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $75.00.

Insider Activity

In related news, Director Kathryn Hayley bought 500 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The shares were bought at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the acquisition, the director now owns 3,034 shares of the company's stock, valued at $152,367.48. This trade represents a 19.73 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.20% of the company's stock.

Concentrix Stock Up 2.9 %

Shares of CNXC traded up $1.31 on Monday, reaching $46.33. The stock had a trading volume of 566,294 shares, compared to its average volume of 626,040. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 12.49, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a 50-day simple moving average of $47.66 and a 200-day simple moving average of $49.18. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $77.00. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.25. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business's revenue was up 9.7% on a year-over-year basis. During the same period last year, the business earned $3.36 earnings per share. Sell-side analysts predict that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix's dividend payout ratio is currently 35.85%.

About Concentrix

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.