Concentrix (NASDAQ:CNXC) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

Shares of Concentrix Co. (NASDAQ:CNXC) saw an uptick in trading volume on Thursday following a stronger than expected earnings report. 323,993 shares were traded during trading, a decline of 54% from the previous session’s volume of 699,940 shares.The stock last traded at $48.50 and had previously closed at $47.47.

The company reported $3.26 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same period last year, the business earned $3.36 EPS. Concentrix’s revenue for the quarter was up 9.7% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of analysts have commented on CNXC shares. Canaccord Genuity Group lowered their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday. Barrington Research decreased their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Bank of America cut their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Robert W. Baird assumed coverage on shares of Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. Finally, Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. One 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $75.00.

Institutional Investors Weigh In On Concentrix

Several hedge funds have recently bought and sold shares of CNXC. GAMMA Investing LLC lifted its stake in shares of Concentrix by 64.9% in the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in Concentrix by 21.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 4,370 shares of the company’s stock valued at $277,000 after buying an additional 764 shares in the last quarter. Clark Estates Inc. NY raised its position in shares of Concentrix by 2.0% in the third quarter. Clark Estates Inc. NY now owns 45,150 shares of the company’s stock worth $2,314,000 after acquiring an additional 900 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Concentrix in the second quarter worth about $68,000. Finally, Quarry LP boosted its stake in shares of Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after acquiring an additional 1,101 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Price Performance

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 stock has a 50-day moving average price of $43.25 and a 200 day moving average price of $55.04. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 0.60 and a beta of 0.63.

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.