Dark Forest Capital Management LP Purchases New Holdings in Concentrix Co. (NASDAQ:CNXC)

Dark Forest Capital Management LP acquired a new position in Concentrix Co. (NASDAQ:CNXC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 29,527 shares of the company's stock, valued at approximately $1,278,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hsbc Holdings PLC grew its holdings in shares of Concentrix by 51.1% during the fourth quarter. Hsbc Holdings PLC now owns 49,633 shares of the company's stock valued at $2,148,000 after buying an additional 16,786 shares in the last quarter. Stifel Financial Corp grew its stake in Concentrix by 119.7% in the fourth quarter. Stifel Financial Corp now owns 79,394 shares of the company's stock valued at $3,435,000 after purchasing an additional 43,263 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Concentrix by 21.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,241 shares of the company's stock worth $140,000 after purchasing an additional 580 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Concentrix by 8.2% in the 4th quarter. MetLife Investment Management LLC now owns 26,313 shares of the company's stock valued at $1,139,000 after buying an additional 2,004 shares in the last quarter. Finally, Natixis bought a new position in Concentrix during the fourth quarter valued at approximately $601,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Bank of America raised their price target on shares of Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday, March 27th. Canaccord Genuity Group lowered their price target on Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. Finally, Barrington Research reduced their price objective on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, March 24th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $69.60.

Concentrix Stock Performance

CNXC stock traded up $0.46 on Monday, reaching $50.67. 139,098 shares of the company were exchanged, compared to its average volume of 699,162. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $77.00. The stock's fifty day moving average price is $47.60 and its 200 day moving average price is $46.27. The firm has a market capitalization of $3.24 billion, a PE ratio of 13.62, a PEG ratio of 0.63 and a beta of 0.51.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping analysts' consensus estimates of $2.58 by $0.21. The company had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company's quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the company earned $2.57 EPS. On average, research analysts anticipate that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be paid a $0.3328 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.63%. Concentrix's payout ratio is currently 33.33%.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell bought 1,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The stock was acquired at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the transaction, the chief executive officer now directly owns 303,362 shares of the company's stock, valued at $13,954,652. This represents a 0.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares in the company, valued at $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,444 shares of company stock valued at $1,484,078 over the last quarter. Corporate insiders own 3.20% 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.