Concentrix (NASDAQ:CNXC) Shares Down 7.9% – What’s Next?

Concentrix Corporation (NASDAQ:CNXC) traded down 7.9% during trading on Thursday . The stock traded as low as $22.43 and last traded at $22.3150. Approximately 863,384 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 1,546,273 shares. The stock had previously closed at $24.24.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Concentrix in a report on Monday, April 27th. Wall Street Zen downgraded shares of Concentrix from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Canaccord Genuity Group lowered their price objective on shares of Concentrix from $80.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Robert W. Baird dropped their target price on shares of Concentrix from $52.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, March 25th. Finally, Barrington Research reiterated an “outperform” rating and issued a $38.00 target price on shares of Concentrix in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Concentrix has an average rating of “Hold” and a consensus price target of $48.50.

Concentrix Stock Performance

The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -1.03, a P/E/G ratio of 0.31 and a beta of 0.44. The company’s fifty day simple moving average is $26.12 and its 200 day simple moving average is $32.37. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.43.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Tuesday, March 24th. The company reported $2.61 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.04). The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.79 EPS. On average, equities research analysts expect that Concentrix Corporation will post 10.42 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $22.25, for a total value of $133,500,000.00. Following the transaction, the insider owned 2,773,667 shares of the company’s stock, valued at approximately $61,714,090.75. This represents a 68.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andre S. Valentine purchased 2,500 shares of the company’s stock in a transaction that occurred on Thursday, April 9th. The shares were purchased at an average cost of $27.95 per share, with a total value of $69,875.00. Following the completion of the acquisition, the chief financial officer owned 89,066 shares in the company, valued at $2,489,394.70. The trade was a 2.89% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Concentrix

Several institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank boosted its holdings in Concentrix by 6,011.1% in the 3rd quarter. Huntington National Bank now owns 550 shares of the company’s stock valued at $25,000 after purchasing an additional 541 shares during the period. Larson Financial Group LLC boosted its stake in shares of Concentrix by 224.9% in the third quarter. Larson Financial Group LLC now owns 692 shares of the company’s stock valued at $32,000 after buying an additional 479 shares during the period. Geneos Wealth Management Inc. grew its position in Concentrix by 532.7% during the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock worth $34,000 after buying an additional 522 shares in the last quarter. Global Retirement Partners LLC increased its stake in Concentrix by 1,032.5% during the 4th quarter. Global Retirement Partners LLC now owns 872 shares of the company’s stock worth $36,000 after acquiring an additional 795 shares during the period. Finally, Allworth Financial LP raised its holdings in Concentrix by 90.6% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the company’s stock valued at $40,000 after acquiring an additional 407 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Company Profile

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology‐driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back‐office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.