Concentrix (NASDAQ:CNXC) Shares Gap Down After Earnings Miss

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $55.13, but opened at $51.77. Concentrix shares last traded at $55.90, with a volume of 521,544 shares traded.

The company reported $2.70 EPS for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a net margin of 2.81% and a return on equity of 16.73%. The business had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter last year, the company posted $2.69 earnings per share. The business's quarterly revenue was up 1.5% compared to the same quarter last year.

Analyst Ratings Changes

CNXC has been the subject of several recent analyst reports. Bank of America raised their price objective on shares of Concentrix from $59.00 to $65.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Barrington Research reiterated an "outperform" rating and issued a $54.00 price target on shares of Concentrix in a research note on Tuesday. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Finally, Robert W. Baird increased their target price on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.75.

Insider Transactions at Concentrix

In related news, Director Olivier Duha sold 29,444 shares of the company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the completion of the transaction, the director now directly owns 1,155,862 shares in the company, valued at $56,082,424.24. This represents a 2.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $57.06, for a total value of $28,530.00. Following the completion of the sale, the executive vice president now directly owns 38,130 shares in the company, valued at $2,175,697.80. This represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,944 shares of company stock worth $1,510,158. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Concentrix

Hedge funds and other institutional investors have recently modified their holdings of the company. Voya Investment Management LLC lifted its position in Concentrix by 356.5% in the 1st quarter. Voya Investment Management LLC now owns 26,227 shares of the company's stock valued at $1,459,000 after purchasing an additional 20,482 shares during the last quarter. Geneos Wealth Management Inc. grew its position in Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after purchasing an additional 522 shares during the last quarter. Focus Partners Wealth acquired a new stake in shares of Concentrix in the first quarter valued at approximately $781,000. Bayforest Capital Ltd bought a new stake in shares of Concentrix during the first quarter valued at approximately $813,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of 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 worth $8,152,000 after buying an additional 21,746 shares during the period. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Stock Performance

The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 0.70 and a beta of 0.56. The company has a 50-day moving average price of $53.78 and a 200-day moving average price of $49.42. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.22.

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.

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