Federated Hermes Inc. Reduces Stock Position in Concentrix Co. (NASDAQ:CNXC)

Federated Hermes Inc. cut its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 4.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,394 shares of the company’s stock after selling 262 shares during the period. Federated Hermes Inc.’s holdings in Concentrix were worth $341,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pineridge Advisors LLC bought a new stake in shares of Concentrix in the fourth quarter worth $35,000. Hexagon Capital Partners LLC grew its stake in shares of Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after purchasing an additional 389 shares during the period. GAMMA Investing LLC increased its position in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after purchasing an additional 402 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after purchasing an additional 285 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in shares of Concentrix by 42.6% in the 4th quarter. Assetmark Inc. now owns 1,514 shares of the company’s stock worth $149,000 after purchasing an additional 452 shares during the period. 90.34% of the stock is owned by institutional investors.

Concentrix Stock Performance

Shares of NASDAQ CNXC opened at $63.84 on Wednesday. The stock has a market cap of $4.17 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 0.70 and a beta of 0.61. Concentrix Co. has a 1 year low of $53.89 and a 1 year high of $106.10. The firm has a fifty day moving average price of $68.21 and a 200-day moving average price of $63.77. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.06. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business posted $2.50 EPS. Concentrix’s revenue for the quarter was up 47.4% compared to the same quarter last year. Equities analysts anticipate that Concentrix Co. will post 10.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Bank of America raised shares of Concentrix from an “underperform” rating to a “neutral” rating and upped their target price for the company from $65.00 to $85.00 in a report on Wednesday, August 28th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $125.00 target price on shares of Concentrix in a report on Thursday, June 27th. Finally, Barrington Research reiterated an “outperform” rating and set a $84.00 target price on shares of Concentrix in a research report on Friday, September 20th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $94.75.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 1,200 shares of company stock valued at $82,028 over the last 90 days. Company insiders own 3.00% of the company’s stock.

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.