Concentrix Co. (NASDAQ:CNXC) Shares Sold by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. cut its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 27.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 168,808 shares of the company’s stock after selling 63,874 shares during the period. Goldman Sachs Group Inc. owned about 0.25% of Concentrix worth $16,579,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CNXC. Groupe Bruxelles Lambert acquired a new position in shares of Concentrix during the fourth quarter valued at approximately $861,662,000. Vanguard Group Inc. raised its stake in Concentrix by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,329,347 shares of the company’s stock valued at $346,824,000 after purchasing an additional 71,069 shares during the last quarter. Capital International Investors boosted its stake in Concentrix by 2.6% during the 4th quarter. Capital International Investors now owns 2,518,429 shares of the company’s stock worth $247,335,000 after purchasing an additional 64,001 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Concentrix by 5.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,397,083 shares of the company’s stock worth $137,213,000 after buying an additional 69,081 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Concentrix by 161.3% during the third quarter. AQR Capital Management LLC now owns 794,300 shares of the company’s stock worth $63,488,000 after buying an additional 490,361 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Concentrix

In other news, CEO Christopher A. Caldwell purchased 900 shares of the stock in a transaction dated Friday, April 19th. The stock was acquired at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the transaction, the chief executive officer now directly owns 239,128 shares in the company, valued at approximately $13,053,997.52. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have purchased 1,679 shares of company stock worth $98,546. 3.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Concentrix Price Performance

NASDAQ:CNXC opened at $62.77 on Friday. Concentrix Co. has a 52 week low of $53.89 and a 52 week high of $106.10. The stock’s fifty day moving average is $60.23 and its two-hundred day moving average is $73.54. The company has a market capitalization of $4.14 billion, a P/E ratio of 12.94, a P/E/G ratio of 0.69 and a beta of 0.60. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $2.38 billion. Equities analysts expect that Concentrix Co. will post 11.03 EPS for the current year.

Concentrix Company Profile

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.