Concentrix (NASDAQ:CNXC) Shares Down 4.7% – Time to Sell?

Shares of Concentrix Co. (NASDAQ:CNXC) traded down 4.7% during mid-day trading on Monday . The company traded as low as $42.06 and last traded at $42.07. 145,535 shares were traded during trading, a decline of 75% from the average session volume of 575,828 shares. The stock had previously closed at $44.13.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Baird R W raised Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Bank of America reduced their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Robert W. Baird started coverage on shares of Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective on the stock. Barrington Research cut their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Finally, Canaccord Genuity Group cut their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $79.00.

Concentrix Trading Down 5.9 %

The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The business has a 50 day moving average of $44.05 and a two-hundred day moving average of $57.35. The firm has a market cap of $2.57 billion, a P/E ratio of 12.89, a PEG ratio of 0.56 and a beta of 0.63.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 16.57% and a net margin of 2.18%. The business’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.54 EPS. Analysts predict that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 3.36%. The ex-dividend date was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Insider Buying and Selling at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. This represents a 3.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the sale, the executive vice president now owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. This trade represents a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,367 shares of company stock valued at $641,668 in the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Concentrix

Several institutional investors and hedge funds have recently modified their holdings of CNXC. Blue Trust Inc. lifted its holdings in shares of Concentrix by 1,202.7% in the second quarter. Blue Trust Inc. now owns 1,928 shares of the company’s stock worth $128,000 after acquiring an additional 1,780 shares during the last quarter. Raymond James & Associates grew its stake in shares of Concentrix by 6.0% during the second quarter. Raymond James & Associates now owns 31,926 shares of the company’s stock worth $2,020,000 after buying an additional 1,804 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Concentrix by 54.0% during the second 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. Pallas Capital Advisors LLC bought a new position in shares of Concentrix in the 2nd quarter valued at $288,000. Finally, Fifth Third Bancorp lifted its stake in shares of Concentrix by 51.7% in the 2nd quarter. Fifth Third Bancorp now owns 1,573 shares of the company’s stock valued at $100,000 after acquiring an additional 536 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors.

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.