Concentrix (NASDAQ:CNXC) Shares Up 8.7% – Here’s What Happened

Concentrix Corporation (NASDAQ:CNXC) rose 8.7% during mid-day trading on Friday . The stock traded as high as $24.38 and last traded at $24.4810. 579,828 shares traded hands during trading, a decline of 63% from the average daily volume of 1,550,797 shares. The stock had previously closed at $22.52.

Analysts Set New Price Targets

CNXC has been the subject of several research reports. Wall Street Zen lowered shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Canaccord Genuity Group cut their price objective on shares of Concentrix from $80.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Robert W. Baird decreased their target price on shares of Concentrix from $52.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, March 25th. Barrington Research reiterated an “outperform” rating and issued a $38.00 price target on shares of Concentrix in a research note on Monday. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Concentrix in a report on Monday, April 27th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $48.50.

Concentrix Price Performance

The firm has a 50 day moving average price of $26.00 and a 200 day moving average price of $32.26. The stock has a market capitalization of $1.48 billion, a PE ratio of -1.13, a price-to-earnings-growth ratio of 0.30 and a beta of 0.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.43.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Tuesday, March 24th. The company reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.65 by ($0.04). The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. Concentrix had a negative net margin of 13.35% and a positive return on equity of 17.80%. Concentrix’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.79 EPS. Research analysts anticipate that Concentrix Corporation will post 10.42 earnings per share for the current year.

Insider Activity at Concentrix

In other Concentrix news, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $22.25, for a total value of $133,500,000.00. Following the completion of the transaction, the insider directly owned 2,773,667 shares in the company, valued at $61,714,090.75. This represents a 68.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Andre S. Valentine acquired 2,500 shares of the business’s stock in a transaction on Thursday, April 9th. The shares were bought at an average cost of $27.95 per share, with a total value of $69,875.00. Following the completion of the acquisition, the chief financial officer owned 89,066 shares in the company, valued at approximately $2,489,394.70. This represents a 2.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of Concentrix

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Huntington National Bank grew its position in shares of Concentrix by 6,011.1% during the third quarter. Huntington National Bank now owns 550 shares of the company’s stock valued at $25,000 after purchasing an additional 541 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Concentrix by 532.7% in the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock worth $34,000 after buying an additional 522 shares in the last quarter. Larson Financial Group LLC boosted its stake in Concentrix by 224.9% during the third quarter. Larson Financial Group LLC now owns 692 shares of the company’s stock valued at $32,000 after buying an additional 479 shares during the last quarter. Allworth Financial LP grew its holdings in Concentrix by 90.6% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the company’s stock valued at $40,000 after buying an additional 407 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in Concentrix by 1,032.5% during the 4th quarter. Global Retirement Partners LLC now owns 872 shares of the company’s stock valued at $36,000 after buying an additional 795 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

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.