Concentrix Co. (NASDAQ:CNXC – Get Free Report) saw unusually-high trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 323,993 shares changed hands 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 the consensus estimate of $3.01 by $0.25. The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.36 EPS.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on CNXC shares. Barrington Research decreased their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Bank of America dropped 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. Canaccord Genuity Group decreased their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Robert W. Baird initiated coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price for the company. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Concentrix currently has an average rating of “Buy” and an average price target of $75.00.
Hedge Funds Weigh In On Concentrix
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in shares of Concentrix by 32.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,783 shares of the company’s stock valued at $1,378,000 after acquiring an additional 5,309 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Concentrix by 21.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 4,370 shares of the company’s stock valued at $277,000 after purchasing an additional 764 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Concentrix by 35.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 110,282 shares of the company’s stock valued at $6,979,000 after buying an additional 28,615 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Concentrix by 38.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,097 shares of the company’s stock worth $700,000 after buying an additional 3,104 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Concentrix by 120.6% during the 2nd quarter. Hsbc Holdings PLC now owns 34,586 shares of the company’s stock valued at $2,186,000 after buying an additional 18,906 shares during the period. Institutional investors and hedge funds own 90.34% of the company’s stock.
Concentrix Stock Up 2.2 %
The business has a fifty day moving average of $43.25 and a 200 day moving average of $55.04. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. 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.
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