Elevation Wealth Partners LLC Trims Stock Position in Concentrix Co. (NASDAQ:CNXC)

Elevation Wealth Partners LLC trimmed its stake in Concentrix Co. (NASDAQ:CNXC) by 28.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,157 shares of the company’s stock after selling 471 shares during the period. Elevation Wealth Partners LLC’s holdings in Concentrix were worth $64,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CNXC. Steward Partners Investment Advisory LLC increased its position in Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the period. Venturi Wealth Management LLC grew its position in shares of Concentrix by 159.6% during the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after acquiring an additional 490 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Concentrix by 58.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after acquiring an additional 444 shares during the period. KBC Group NV increased its holdings in shares of Concentrix by 68.3% in the 4th quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after acquiring an additional 815 shares during the period. Finally, Quarry LP raised its position in Concentrix by 843.9% in the 4th quarter. Quarry LP now owns 2,539 shares of the company’s stock valued at $110,000 after purchasing an additional 2,270 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $55.31, for a total transaction of $27,655.00. Following the completion of the sale, the executive vice president now owns 39,130 shares in the company, valued at approximately $2,164,280.30. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher A. Caldwell bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average cost of $46.00 per share, with a total value of $46,000.00. Following the purchase, the chief executive officer now directly owns 303,362 shares in the company, valued at $13,954,652. The trade was a 0.33% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 30,944 shares of company stock valued at $1,510,158 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

CNXC has been the topic of several research reports. Barrington Research lowered their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, March 24th. Bank of America increased their target price on Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Concentrix currently has a consensus rating of “Buy” and an average price target of $65.75.

Concentrix Stock Performance

CNXC opened at $54.73 on Tuesday. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00. The stock has a market cap of $3.50 billion, a P/E ratio of 14.75, a P/E/G ratio of 0.63 and a beta of 0.52. The stock’s 50 day simple moving average is $52.19 and its 200 day simple moving average is $48.03. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.21. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. Concentrix’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.57 earnings per share. As a group, equities analysts anticipate that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were given a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date was Friday, April 25th. Concentrix’s payout ratio is currently 33.33%.

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.