20,348 Shares in Concentrix Corporation (NASDAQ:CNXC) Purchased by Virtu Financial LLC

Key Points

• Virtu Financial LLC purchased 20,348 shares of Concentrix Corporation, valued at approximately $1,132,000, marking a new position for the firm in the first quarter.
• Concentrix reported earnings per share of $2.70 for the recent quarter, missing consensus estimates by $0.06, and had a revenue of $2.42 billion, surpassing expectations.
• The company's stock is currently down 2.4% and has a market capitalization of $2.90 billion, with analysts holding a consensus rating of "Moderate Buy" and an average target price of $66.75.

Virtu Financial LLC purchased a new stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 20,348 shares of the company's stock, valued at approximately $1,132,000.

Other large investors have also modified their holdings of the company. UMB Bank n.a. increased its position in shares of Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after purchasing an additional 217 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock valued at $47,000 after acquiring an additional 444 shares during the period. PNC Financial Services Group Inc. grew its position in Concentrix by 47.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock worth $84,000 after purchasing an additional 483 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after buying an additional 548 shares during the period. Finally, Versant Capital Management Inc grew its holdings in shares of Concentrix by 582.5% during the first quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock worth $117,000 after buying an additional 1,800 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total transaction of $28,955.00. Following the completion of the sale, the executive vice president owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is owned by corporate insiders.

Concentrix Price Performance

Shares of CNXC traded down $0.34 during trading hours on Thursday, reaching $48.85. 553,463 shares of the company traded hands, compared to its average volume of 803,167. The stock has a market capitalization of $3.08 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 0.62 and a beta of 0.53. The stock has a fifty day simple moving average of $54.76 and a 200 day simple moving average of $51.61. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Thursday, June 26th. The company reported $2.70 EPS 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 during the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter last year, the firm earned $2.69 EPS. The firm's quarterly revenue was up 1.5% compared to the same quarter last year. As a group, research analysts predict that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix's payout ratio is currently 36.54%.

Analysts Set New Price Targets

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

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.