Concentrix (NASDAQ:CNXC) Trading Down 7.9% – Time to Sell?

Concentrix Corporation (NASDAQ:CNXC) fell 7.9% during mid-day trading on Thursday . The stock traded as low as $22.43 and last traded at $22.3150. 863,384 shares were traded during mid-day trading, a decline of 44% from the average session volume of 1,546,273 shares. The stock had previously closed at $24.24.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CNXC shares. Wall Street Zen lowered shares of Concentrix from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Barrington Research reaffirmed an “outperform” rating and issued a $38.00 price target on shares of Concentrix in a report on Monday, June 22nd. Robert W. Baird lowered their price objective on Concentrix from $52.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 25th. Canaccord Genuity Group dropped their price objective on Concentrix from $80.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Concentrix in a research report on Monday, April 27th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.33.

Concentrix Price Performance

The firm has a market capitalization of $1.53 billion, a PE ratio of -1.16, a P/E/G ratio of 0.28 and a beta of 0.44. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.18 and a quick ratio of 1.18. The business’s 50 day moving average is $25.93 and its two-hundred day moving average is $32.21.

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

Insiders Place Their Bets

In other news, CFO Andre S. Valentine bought 2,500 shares of Concentrix stock in a transaction that occurred on Thursday, April 9th. The shares were acquired at an average price of $27.95 per share, with a total value of $69,875.00. Following the completion of the purchase, the chief financial officer directly owned 89,066 shares in the company, valued at $2,489,394.70. The trade was a 2.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $22.25, for a total value of $133,500,000.00. Following the sale, the insider owned 2,773,667 shares in the company, valued at $61,714,090.75. The trade was a 68.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Concentrix

Several institutional investors have recently modified their holdings of CNXC. Royal Bank of Canada lifted its position in Concentrix by 9.5% in the 1st quarter. Royal Bank of Canada now owns 47,501 shares of the company’s stock worth $2,643,000 after buying an additional 4,133 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Concentrix by 75.1% during the first quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company’s stock valued at $23,552,000 after acquiring an additional 181,546 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Concentrix by 17.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,515 shares of the company’s stock valued at $8,152,000 after acquiring an additional 21,746 shares during the last quarter. Focus Partners Wealth purchased a new position in shares of Concentrix during the first quarter worth approximately $781,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of Concentrix by 532.7% during the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock worth $34,000 after acquiring an additional 522 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

Concentrix Company Profile

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.