Short Interest in Concentrix Co. (NASDAQ:CNXC) Rises By 9.7%

Concentrix Co. (NASDAQ:CNXC) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 6,310,000 shares, an increase of 9.7% from the October 15th total of 5,750,000 shares. Approximately 13.7% of the shares of the stock are short sold. Based on an average daily volume of 702,900 shares, the short-interest ratio is presently 9.0 days.

Insider Activity

In other news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the sale, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. This trade represents a 3.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 5.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,267 shares of company stock worth $648,945 in the last three months. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Institutional investors and hedge funds have recently bought and sold shares of the business. SummerHaven Investment Management LLC raised its holdings in shares of Concentrix by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock valued at $548,000 after acquiring an additional 248 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after buying an additional 285 shares during the period. GAMMA Investing LLC boosted its position in Concentrix by 64.9% during the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after acquiring an additional 287 shares in the last quarter. nVerses Capital LLC grew its holdings in shares of Concentrix by 10.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock worth $196,000 after acquiring an additional 300 shares during the period. Finally, Hexagon Capital Partners LLC raised its position in shares of Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after acquiring an additional 389 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Stock Performance

NASDAQ:CNXC opened at $38.29 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. Concentrix has a fifty-two week low of $37.94 and a fifty-two week high of $106.10. The business has a 50 day moving average price of $51.33 and a 200-day moving average price of $60.22. The firm has a market cap of $2.48 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 0.53 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the company earned $2.54 EPS. The company’s quarterly revenue was up 46.2% on a year-over-year basis. Equities research analysts predict that Concentrix will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a dividend of $0.333 per share. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 3.48%. Concentrix’s dividend payout ratio is presently 43.18%.

Wall Street Analysts Forecast Growth

CNXC has been the topic of several recent research reports. Baird R W upgraded Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group reduced their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Robert W. Baird started coverage on shares of Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Barrington Research cut their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Finally, Bank of America decreased their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $79.00.

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.