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

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

A number of other hedge funds also recently made changes to their positions in the business. Steward Partners Investment Advisory LLC raised its stake in shares of 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 purchasing an additional 286 shares during the period. Rhumbline Advisers raised its stake in shares of Concentrix by 0.3% during the 4th quarter. Rhumbline Advisers now owns 128,617 shares of the company's stock worth $5,565,000 after purchasing an additional 324 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after purchasing an additional 444 shares during the period. Xponance Inc. raised its stake in shares of Concentrix by 8.9% during the 4th quarter. Xponance Inc. now owns 5,540 shares of the company's stock worth $240,000 after purchasing an additional 455 shares during the period. Finally, Venturi Wealth Management LLC raised its stake in shares of 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. 90.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Concentrix Price Performance

CNXC stock traded up $0.79 during mid-day trading on Friday, reaching $55.93. 563,908 shares of the company traded hands, compared to its average volume of 864,584. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The company has a market capitalization of $3.57 billion, a P/E ratio of 15.07, a P/E/G ratio of 0.63 and a beta of 0.52. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $77.00. The company has a fifty day moving average price of $49.57 and a 200-day moving average price of $46.75.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping 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 company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the previous year, the firm earned $2.57 earnings per share. Concentrix's revenue was down 1.3% on a year-over-year basis. As a group, analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were issued a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix's payout ratio is 33.33%.

Insider Transactions at Concentrix

In other news, CEO Christopher A. Caldwell bought 1,000 shares of the business's stock in a transaction on Monday, April 21st. The stock was acquired at an average price of $46.00 per share, with a total value of $46,000.00. Following the completion of the purchase, the chief executive officer now directly owns 303,362 shares in the company, valued at $13,954,652. This represents a 0.33% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the completion of the sale, the executive vice president now directly owns 39,130 shares of the company's stock, valued at approximately $2,164,280.30. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,444 shares of company stock valued at $1,481,628. 3.20% of the stock is owned by corporate insiders.

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.