Concentrix (NASDAQ:CNXC) Posts Earnings Results, Misses Estimates By $0.06 EPS

Concentrix (NASDAQ:CNXC) posted its quarterly earnings results on Wednesday. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06), Briefing.com reports. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.54 EPS.

Concentrix Price Performance

Shares of CNXC stock traded up $0.02 during trading hours on Friday, reaching $51.56. The stock had a trading volume of 2,132,828 shares, compared to its average volume of 519,856. The stock’s fifty day simple moving average is $67.59 and its 200 day simple moving average is $63.67. The firm has a market capitalization of $3.35 billion, a PE ratio of 11.94, a PEG ratio of 0.68 and a beta of 0.61. Concentrix has a 12 month low of $50.23 and a 12 month high of $106.10. The company has a current ratio of 1.54, a quick ratio of 1.56 and a debt-to-equity ratio of 1.21.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a dividend of $0.333 per share. The ex-dividend date is Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 2.58%. Concentrix’s dividend payout ratio is currently 28.01%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CNXC. Canaccord Genuity Group reduced their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday. Barrington Research cut their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Bank of America lowered their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.25.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.00% of the stock is currently owned by insiders.

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.