Concentrix (NASDAQ:CNXC) Stock Price Down 7.3% - Here's What Happened

Key Points

• Concentrix shares plunged 7.3% intraday to $23.04 on Thursday, trading as low as $23.13 on sharply reduced volume (≈145,439 shares vs. a 1.47M average).
• Several analysts trimmed price targets (e.g., Baird $52→$40, Barrington $62→$38, Canaccord $80→$55), leaving a consensus rating of Hold and a consensus price target of $48.50.
• The company posted a slight EPS miss ($2.61 vs. $2.65) while revenue rose 5.4% YoY and net margin remains negative (-13.35%); management declared a quarterly dividend of $0.36 (annualized yield 6.2%) and the CFO purchased 2,500 shares.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) shares dropped 7.3% during mid-day trading on Thursday . The stock traded as low as $23.13 and last traded at $23.04. Approximately 145,439 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,470,714 shares. The stock had previously closed at $24.85.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CNXC shares. Robert W. Baird reduced their price objective on Concentrix from $52.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, March 25th. Wall Street Zen cut Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Barrington Research reduced their price target on Concentrix from $62.00 to $38.00 and set an "outperform" rating for the company in a research report on Wednesday, March 25th. Canaccord Genuity Group lowered their price objective on shares of Concentrix from $80.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, March 25th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Concentrix in a report on Monday. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $48.50.

Concentrix Stock Performance

The stock has a market capitalization of $1.41 billion, a P/E ratio of -1.07, a P/E/G ratio of 0.31 and a beta of 0.50. The stock has a 50 day simple moving average of $29.64 and a two-hundred day simple moving average of $36.03. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.43.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its earnings results on Tuesday, March 24th. The company reported $2.61 earnings per share for the quarter, missing analysts' consensus estimates of $2.65 by ($0.04). The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.Concentrix's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.79 earnings per share. On average, equities analysts forecast that Concentrix Corporation will post 10.42 EPS for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Friday, April 24th will be issued a dividend of $0.36 per share. The ex-dividend date is Friday, April 24th. This represents a $1.44 dividend on an annualized basis and a yield of 6.2%. Concentrix's dividend payout ratio (DPR) is presently -6.68%.

Insider Transactions at Concentrix

In other Concentrix news, CFO Andre S. Valentine bought 2,500 shares of Concentrix stock in a transaction dated Thursday, April 9th. The stock was bought at an average cost of $27.95 per share, for a total transaction of $69,875.00. Following the purchase, the chief financial officer owned 89,066 shares of the company's stock, valued at $2,489,394.70. The trade was a 2.89% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Concentrix

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada raised its position in shares of Concentrix by 9.5% in the first quarter. Royal Bank of Canada now owns 47,501 shares of the company's stock valued at $2,643,000 after purchasing an additional 4,133 shares during the period. Goldman Sachs Group Inc. raised its holdings in Concentrix by 75.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company's stock valued at $23,552,000 after acquiring an additional 181,546 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 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 acquiring an additional 21,746 shares during the last quarter. Focus Partners Wealth acquired a new stake in Concentrix during the first quarter worth approximately $781,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Concentrix by 532.7% during the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after acquiring an additional 522 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

About Concentrix

Concentrix Inc NASDAQ: CNXC is a global business services company specializing in customer engagement solutions and technology‐driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back‐office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.

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