Concentrix (NASDAQ:CNXC) Shares Down 8.2% – Time to Sell?

Concentrix Co. (NASDAQ:CNXC) was down 8.2% during trading on Friday . The company traded as low as $60.49 and last traded at $59.74. Approximately 319,730 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 649,487 shares. The stock had previously closed at $65.04.

Analyst Ratings Changes

CNXC has been the subject of a number of analyst reports. Barrington Research dropped their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday. Canaccord Genuity Group cut their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, Bank of America lifted their price objective on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday. 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $69.60.

Concentrix Stock Down 11.7 %

The company has a market capitalization of $3.69 billion, a P/E ratio of 15.36, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The firm’s fifty day moving average is $47.90 and its 200-day moving average is $47.85.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the prior year, the company earned $2.57 EPS. Concentrix’s revenue was down 1.3% compared to the same quarter last year. As a group, equities research analysts predict that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix’s dividend payout ratio is currently 35.85%.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Concentrix

A number of hedge funds have recently made changes to their positions in CNXC. CSS LLC IL bought a new stake in shares of Concentrix during the 4th quarter valued at about $355,000. PharVision Advisers LLC acquired a new position in Concentrix during the 4th quarter worth approximately $465,000. Paradigm Capital Management Inc. NY boosted its holdings in Concentrix by 2.7% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 750,142 shares of the company’s stock worth $32,459,000 after acquiring an additional 19,418 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Concentrix by 15.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 124,769 shares of the company’s stock valued at $5,399,000 after acquiring an additional 17,019 shares during the period. Finally, Voloridge Investment Management LLC acquired a new stake in Concentrix in the fourth quarter valued at approximately $1,202,000. 90.34% of the stock is currently owned by institutional investors.

Concentrix Company Profile

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.