Concentrix Co. (NASDAQ:CNXC) Short Interest Update

Concentrix Co. (NASDAQ:CNXC) saw a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 6,800,000 shares, an increase of 7.4% from the November 30th total of 6,330,000 shares. Approximately 14.8% of the shares of the company are sold short. Based on an average daily volume of 868,900 shares, the days-to-cover ratio is presently 7.8 days.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Canaccord Genuity Group dropped their price objective 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. Bank of America lowered their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Barrington Research reduced their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Robert W. Baird assumed coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target for the company. One equities 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. According to MarketBeat, Concentrix currently has a consensus rating of “Buy” and a consensus target price of $79.00.

Insider Activity

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 11,323 shares of company stock valued at $584,362. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Concentrix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates increased its position in shares of Concentrix by 6.0% in the second quarter. Raymond James & Associates now owns 31,926 shares of the company’s stock worth $2,020,000 after purchasing an additional 1,804 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Concentrix by 14.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 532,771 shares of the company’s stock worth $33,714,000 after acquiring an additional 67,818 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Concentrix by 24.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,233 shares of the company’s stock worth $521,000 after acquiring an additional 1,595 shares in the last quarter. Maryland State Retirement & Pension System bought a new position in Concentrix in the second quarter valued at approximately $210,000. Finally, nVerses Capital LLC raised its position in Concentrix by 10.7% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock valued at $196,000 after purchasing an additional 300 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Price Performance

Shares of NASDAQ CNXC traded up $0.43 during midday trading on Thursday, reaching $43.70. The company’s stock had a trading volume of 50,956 shares, compared to its average volume of 580,326. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The company has a market cap of $2.83 billion, a P/E ratio of 14.19, a P/E/G ratio of 0.56 and a beta of 0.63. The business’s 50 day moving average price is $42.83 and its two-hundred day moving average price is $55.96. Concentrix has a fifty-two week low of $36.28 and a fifty-two week high of $106.10.

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.