25,472 Shares in Concentrix Co. (NASDAQ:CNXC) Acquired by Seven Eight Capital LP

Seven Eight Capital LP bought a new position in shares of Concentrix Co. (NASDAQ:CNXC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 25,472 shares of the company’s stock, valued at approximately $1,612,000.

Other large investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of Concentrix during the 2nd quarter valued at $1,445,000. Vanguard Group Inc. lifted its holdings in shares of Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after purchasing an additional 1,034,546 shares during the last quarter. Natixis acquired a new position in shares of Concentrix in the 1st quarter valued at $542,000. Tweedy Browne Co LLC increased its stake in Concentrix by 21.6% in the 1st quarter. Tweedy Browne Co LLC now owns 173,338 shares of the company’s stock worth $11,478,000 after purchasing an additional 30,798 shares in the last quarter. Finally, Groupe Bruxelles Lambert acquired a new stake in Concentrix during the 4th quarter worth about $861,662,000. 90.34% of the stock is currently owned by institutional investors.

Concentrix Stock Performance

CNXC stock opened at $63.96 on Thursday. The firm has a 50 day simple moving average of $68.58 and a 200 day simple moving average of $63.91. Concentrix Co. has a 52 week low of $53.89 and a 52 week high of $106.10. The stock has a market cap of $4.15 billion, a P/E ratio of 14.81, a P/E/G ratio of 0.70 and a beta of 0.61. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54.

Concentrix (NASDAQ:CNXC) last issued its earnings results 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. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the business posted $2.50 EPS. The company’s revenue for the quarter was up 47.4% on a year-over-year basis. Research analysts anticipate that Concentrix Co. will post 10.8 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, July 26th were given a $0.303 dividend. This represents a $1.21 annualized dividend and a yield of 1.89%. The ex-dividend date was Friday, July 26th. Concentrix’s payout ratio is currently 28.01%.

Analysts Set New Price Targets

Several brokerages have commented on CNXC. Canaccord Genuity Group reiterated a “buy” rating and issued a $125.00 target price on shares of Concentrix in a report on Thursday, June 27th. Bank of America raised shares of Concentrix from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $65.00 to $85.00 in a research note on Wednesday, August 28th. Finally, Barrington Research reissued an “outperform” rating and set a $84.00 target price on shares of Concentrix in a research note on Friday, June 21st. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Concentrix presently has a consensus rating of “Moderate Buy” and an average price target of $94.75.

Insider Activity

In related news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $67.23, for a total value of $26,892.00. Following the completion of the sale, the executive vice president now owns 29,727 shares of the company’s stock, valued at approximately $1,998,546.21. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders sold a total of 1,200 shares of company stock worth $82,028 in the last three months. 3.00% of the stock is owned by insiders.

Concentrix 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.