Concentrix (NASDAQ:CNXC) Shares Down 4.8% After Insider Selling

Shares of Concentrix Co. (NASDAQ:CNXC) traded down 4.8% during trading on Monday following insider selling activity. The stock traded as low as $49.00 and last traded at $49.77. 125,646 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 841,300 shares. The stock had previously closed at $52.28.

Specifically, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the transaction, the executive vice president now owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group dropped their target price on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Concentrix presently has an average rating of “Buy” and a consensus target price of $75.00.

Concentrix Stock Performance

The business’s 50-day moving average is $46.17 and its 200 day moving average is $53.45. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market cap of $3.18 billion, a PE ratio of 13.32, a PEG ratio of 0.72 and a beta of 0.66.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the firm posted $3.36 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, equities research analysts predict that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st will be issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.69%. The ex-dividend date is Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is currently 35.85%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC grew its stake in Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after purchasing an additional 490 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Concentrix by 64.9% during the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after buying an additional 287 shares in the last quarter. KBC Group NV grew its position in shares of Concentrix by 68.3% in the 4th quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after buying an additional 815 shares during the period. Quest Partners LLC bought a new position in shares of Concentrix in the 3rd quarter worth about $146,000. Finally, Blue Trust Inc. lifted its position in Concentrix by 62.4% during the 3rd quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock valued at $161,000 after acquiring an additional 1,204 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

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.