Crestline Management LP Buys Shares of 7,159 Concentrix Co. (NASDAQ:CNXC)

Crestline Management LP purchased a new position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,159 shares of the company's stock, valued at approximately $310,000.

Several other hedge funds have also made changes to their positions in CNXC. Steward Partners Investment Advisory LLC lifted its holdings in Concentrix by 81.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after buying an additional 286 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock worth $34,000 after purchasing an additional 490 shares during the period. Parkside Financial Bank & Trust raised its holdings in Concentrix by 58.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock valued at $52,000 after acquiring an additional 444 shares in the last quarter. KBC Group NV grew its stake in shares of Concentrix by 68.3% during the fourth quarter. KBC Group NV now owns 2,008 shares of the company's stock worth $87,000 after purchasing an additional 815 shares in the last quarter. Finally, Quarry LP raised its position in shares of Concentrix by 843.9% during the 4th quarter. Quarry LP now owns 2,539 shares of the company's stock worth $110,000 after acquiring an additional 2,270 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $55.31, for a total value of $27,655.00. Following the sale, the executive vice president now directly owns 39,130 shares in the company, valued at $2,164,280.30. The trade was a 1.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction dated 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 transaction, the director now owns 1,155,862 shares of the company's stock, valued at approximately $56,082,424.24. The trade was a 2.48 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,444 shares of company stock valued at $1,481,628. Corporate insiders own 3.20% of the company's stock.

Concentrix Trading Up 2.5 %

NASDAQ CNXC opened at $53.33 on Friday. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $77.00. The firm has a 50-day moving average price of $48.79 and a 200 day moving average price of $46.48. The stock has a market capitalization of $3.41 billion, a P/E ratio of 14.37, a P/E/G ratio of 0.63 and a beta of 0.52. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.37 billion. During the same period last year, the firm earned $2.57 EPS. The company's quarterly revenue was down 1.3% compared to the same quarter last year. Equities research analysts expect that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.50%. The ex-dividend date was Friday, April 25th. Concentrix's dividend payout ratio (DPR) is 33.33%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Bank of America upped their price target on shares of Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Barrington Research lowered their price target on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a report on Monday, March 24th. Finally, Canaccord Genuity Group reduced their price objective on Concentrix from $100.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, January 16th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $65.75.

Concentrix 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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