Concentrix (NASDAQ:CNXC) Stock Price Down 6.1% – What’s Next?

Concentrix Corporation (NASDAQ:CNXC) dropped 6.1% during mid-day trading on Monday . The stock traded as low as $41.50 and last traded at $41.39. Approximately 183,121 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 730,307 shares. The stock had previously closed at $44.06.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CNXC shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Concentrix in a research report on Tuesday, September 23rd. Wall Street Zen raised Concentrix from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Robert W. Baird dropped their price objective on Concentrix from $75.00 to $62.00 and set an “outperform” rating on the stock in a research report on Monday, September 29th. Barrington Research reissued an “outperform” rating and issued a $62.00 target price on shares of Concentrix in a research report on Monday. Finally, Weiss Ratings upgraded shares of Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.25.

Concentrix Trading Down 8.1%

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $2.52 billion, a PE ratio of 8.56, a PEG ratio of 0.59 and a beta of 0.48. The stock’s fifty day simple moving average is $38.41 and its 200 day simple moving average is $46.88.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell bought 2,000 shares of the stock in a transaction that occurred on Thursday, October 30th. The shares were bought at an average cost of $42.03 per share, for a total transaction of $84,060.00. Following the completion of the transaction, the chief executive officer owned 286,661 shares of the company’s stock, valued at approximately $12,048,361.83. This trade represents a 0.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CNXC. AQR Capital Management LLC lifted its position in shares of Concentrix by 1.8% during the 3rd quarter. AQR Capital Management LLC now owns 4,380,821 shares of the company’s stock valued at $202,175,000 after buying an additional 75,352 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Concentrix by 18.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,939,492 shares of the company’s stock worth $89,515,000 after acquiring an additional 301,550 shares in the last quarter. State Street Corp raised its stake in Concentrix by 8.7% during the 2nd quarter. State Street Corp now owns 1,622,854 shares of the company’s stock worth $85,776,000 after acquiring an additional 130,529 shares during the period. 1832 Asset Management L.P. lifted its holdings in Concentrix by 3.1% during the second quarter. 1832 Asset Management L.P. now owns 1,544,997 shares of the company’s stock valued at $81,661,000 after purchasing an additional 46,856 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its position in shares of Concentrix by 19.7% in the third quarter. Invenomic Capital Management LP now owns 822,345 shares of the company’s stock worth $37,951,000 after purchasing an additional 135,429 shares during the period. Institutional investors own 90.34% of the company’s stock.

About Concentrix

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology‐driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back‐office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.