Concentrix (NASDAQ:CNXC) Shares Up 6.3% - Here's What Happened

Concentrix Corporation (NASDAQ:CNXC - Get Free Report)'s stock price shot up 6.3% on Tuesday . The company traded as high as $59.13 and last traded at $60.24. 63,882 shares were traded during mid-day trading, a decline of 91% from the average session volume of 736,777 shares. The stock had previously closed at $56.68.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CNXC. Barrington Research restated an "outperform" rating and issued a $54.00 target price on shares of Concentrix in a research note on Tuesday, June 24th. Canaccord Genuity Group reiterated a "buy" rating and issued a $80.00 price objective on shares of Concentrix in a research report on Monday, June 30th. Bank of America lowered their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research report on Friday, June 27th. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Robert W. Baird lifted their price objective on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $66.75.

Concentrix Price Performance

The company has a current ratio of 1.61, a quick ratio of 1.65 and a debt-to-equity ratio of 1.14. The firm has a market cap of $3.89 billion, a P/E ratio of 16.72, a PEG ratio of 0.75 and a beta of 0.53. The company has a fifty day moving average price of $54.67 and a two-hundred day moving average price of $50.15.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the firm earned $2.69 EPS. The company's revenue for the quarter was up 1.5% on a year-over-year basis. Equities analysts anticipate that Concentrix Corporation will post 10.11 earnings per share for the current year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, July 25th. Concentrix's payout ratio is 36.54%.

Insider Buying and Selling at Concentrix

In related news, CEO Christopher A. Caldwell acquired 1,000 shares of the company's stock in a transaction dated Monday, April 21st. The shares were bought at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the purchase, the chief executive officer directly owned 303,362 shares in the company, valued at approximately $13,954,652. This trade represents a 0.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Olivier Duha sold 29,444 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the sale, the director owned 1,155,862 shares in the company, valued at approximately $56,082,424.24. This represents a 2.48% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,444 shares of company stock worth $1,482,503. Corporate insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Concentrix

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Concentrix by 761.3% in the 1st quarter. GAMMA Investing LLC now owns 2,446 shares of the company's stock valued at $136,000 after acquiring an additional 2,162 shares during the period. BNP Paribas Financial Markets acquired a new stake in Concentrix in the fourth quarter valued at about $294,000. Raymond James Financial Inc. acquired a new stake in Concentrix in the fourth quarter valued at about $4,752,000. Fifth Third Bancorp boosted its stake in Concentrix by 36.5% in the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock valued at $114,000 after buying an additional 548 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in Concentrix in the fourth quarter valued at about $539,000. Institutional investors own 90.34% of the company's stock.

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.

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