Concentrix (NASDAQ:CNXC) Shares Gap Up to $58.02

Concentrix Co. (NASDAQ:CNXC) shares gapped up before the market opened on Thursday . The stock had previously closed at $58.02, but opened at $66.09. Concentrix shares last traded at $62.00, with a volume of 62,184 shares.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CNXC shares. Barrington Research reaffirmed an “outperform” rating and set a $84.00 price target on shares of Concentrix in a research note on Friday, June 21st. Bank of America reaffirmed an “underperform” rating and set a $60.00 price target (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. Scotiabank cut their price target on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $125.00 price target on shares of Concentrix in a research note on Thursday. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $84.80.

Concentrix Price Performance

The stock has a 50 day moving average of $60.07 and a two-hundred day moving average of $73.62. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $4.22 billion, a P/E ratio of 12.78, a P/E/G ratio of 0.69 and a beta of 0.60.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). Concentrix had a net margin of 3.53% and a return on equity of 17.70%. The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Sell-side analysts predict that Concentrix Co. will post 11.03 earnings per share for the current fiscal year.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell purchased 900 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was bought at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the acquisition, the chief executive officer now directly owns 239,128 shares in the company, valued at $13,053,997.52. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have purchased 1,679 shares of company stock valued at $98,546. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Fifth Third Bancorp lifted its holdings in shares of Concentrix by 9.1% during the fourth quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock worth $145,000 after buying an additional 123 shares during the last quarter. Ieq Capital LLC increased its position in shares of Concentrix by 3.3% during the fourth quarter. Ieq Capital LLC now owns 4,920 shares of the company’s stock valued at $483,000 after purchasing an additional 157 shares during the period. Treasurer of the State of North Carolina increased its position in shares of Concentrix by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 19,466 shares of the company’s stock valued at $1,912,000 after purchasing an additional 190 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Concentrix by 6.4% during the third quarter. PNC Financial Services Group Inc. now owns 3,318 shares of the company’s stock valued at $266,000 after purchasing an additional 199 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in shares of Concentrix by 1.5% during the first quarter. Louisiana State Employees Retirement System now owns 13,500 shares of the company’s stock valued at $894,000 after purchasing an additional 200 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.