Concentrix Co. (NASDAQ:CNXC) Sees Large Decline in Short Interest

Concentrix Co. (NASDAQ:CNXC) was the target of a significant decrease in short interest in June. As of June 15th, there was short interest totalling 2,770,000 shares, a decrease of 5.1% from the May 31st total of 2,920,000 shares. Currently, 5.9% of the shares of the company are short sold. Based on an average trading volume of 515,200 shares, the short-interest ratio is presently 5.4 days.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $63.21, for a total transaction of $25,284.00. Following the sale, the executive vice president now directly owns 30,127 shares in the company, valued at $1,904,327.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $63.21, for a total transaction of $25,284.00. Following the sale, the executive vice president now directly owns 30,127 shares in the company, valued at $1,904,327.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher A. Caldwell acquired 900 shares of Concentrix stock in a transaction on Friday, April 19th. The shares were purchased at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the purchase, the chief executive officer now directly owns 239,128 shares of the company’s stock, valued at $13,053,997.52. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 1,200 shares of company stock worth $71,800. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after buying an additional 402 shares during the period. First Horizon Advisors Inc. grew its position in shares of Concentrix by 381.7% during the 4th quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock worth $34,000 after buying an additional 271 shares during the period. Pineridge Advisors LLC acquired a new stake in shares of Concentrix during the 4th quarter worth approximately $35,000. Parkside Financial Bank & Trust grew its position in shares of Concentrix by 146.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock worth $62,000 after buying an additional 374 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Concentrix by 29.8% during the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock worth $113,000 after buying an additional 264 shares during the period. Institutional investors own 90.34% of the company’s stock.

Analysts Set New Price Targets

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

Concentrix Stock Up 0.0 %

Shares of NASDAQ CNXC opened at $65.98 on Thursday. The company has a 50 day simple moving average of $60.93 and a 200 day simple moving average of $72.55. The firm has a market cap of $4.35 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 0.70 and a beta of 0.60. Concentrix has a 1 year low of $53.89 and a 1 year high of $106.10. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, June 26th. The company reported $2.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.63 by $0.06. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.35 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The firm’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter last year, the business earned $2.50 EPS. On average, research analysts forecast that Concentrix will post 10.8 EPS for the current year.

Concentrix Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 6th. Shareholders of record on Friday, July 26th will be issued a dividend of $0.303 per share. The ex-dividend date is Friday, July 26th. This represents a $1.21 annualized dividend and a yield of 1.84%. Concentrix’s payout ratio is 28.01%.

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.