Charles Schwab Investment Management Inc. Sells 41,189 Shares of Concentrix Corporation $CNXC

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Concentrix Corporation by 7.1%, owning a total of 542,119 shares valued at $30.16 million at the end of the 1st quarter.
• Concentrix reported $2.70 earnings per share for the last quarter, which missed estimates, and had a revenue of $2.42 billion, exceeding expectations.
• Despite recent adjustments in ratings from analysts, the average recommendation for Concentrix shares remains a Buy with a price target of approximately $66.75.

Charles Schwab Investment Management Inc. lessened its stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 7.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 542,119 shares of the company's stock after selling 41,189 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.85% of Concentrix worth $30,164,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CNXC. Legal & General Group Plc increased its position in Concentrix by 1.5% during the fourth quarter. Legal & General Group Plc now owns 115,217 shares of the company's stock worth $4,985,000 after acquiring an additional 1,697 shares during the period. Raymond James Financial Inc. bought a new position in Concentrix during the fourth quarter worth about $4,752,000. Sterling Capital Management LLC increased its position in Concentrix by 49.7% during the fourth quarter. Sterling Capital Management LLC now owns 2,817 shares of the company's stock worth $122,000 after acquiring an additional 935 shares during the period. Barclays PLC increased its position in Concentrix by 83.9% during the fourth quarter. Barclays PLC now owns 65,934 shares of the company's stock worth $2,853,000 after acquiring an additional 30,072 shares during the period. Finally, XTX Topco Ltd bought a new position in Concentrix during the fourth quarter worth about $246,000. Institutional investors and hedge funds own 90.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on CNXC. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 price target on shares of Concentrix in a research report on Monday, June 30th. Wall Street Zen lowered shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Barrington Research reaffirmed an "outperform" rating and set a $54.00 price target on shares of Concentrix in a research report on Tuesday, June 24th. Bank of America lowered their price target on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research report on Friday, June 27th. Finally, Robert W. Baird raised their price target 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. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Concentrix presently has an average rating of "Buy" and an average target price of $66.75.

Concentrix Price Performance

CNXC stock traded down $0.83 during mid-day trading on Monday, hitting $51.24. The stock had a trading volume of 485,337 shares, compared to its average volume of 663,871. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. Concentrix Corporation has a 52 week low of $36.28 and a 52 week high of $77.00. The firm has a market capitalization of $3.23 billion, a P/E ratio of 14.08, a P/E/G ratio of 0.69 and a beta of 0.53. The firm has a fifty day simple moving average of $53.62 and a 200 day simple moving average of $51.52.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its 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 firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the business earned $2.69 earnings per share. Concentrix's quarterly revenue was up 1.5% compared to the same quarter last year. Concentrix has set its FY 2025 guidance at 11.530-11.760 EPS. Q3 2025 guidance at 2.800-2.910 EPS. As a group, research analysts forecast that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th were issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix's dividend payout ratio (DPR) is currently 36.54%.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of Concentrix 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 sale, the executive vice president directly owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. The trade was a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.20% of the stock is currently 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.