Napatree Capital LLC Acquires Shares of 13,158 Concentrix Corporation (NASDAQ:CNXC)

Napatree Capital LLC bought a new position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 13,158 shares of the company's stock, valued at approximately $732,000.

Other institutional investors have also modified their holdings of the company. Parcion Private Wealth LLC acquired a new position in Concentrix during the 1st quarter worth approximately $300,000. Victory Capital Management Inc. lifted its position in Concentrix by 120.5% during the 1st quarter. Victory Capital Management Inc. now owns 143,126 shares of the company's stock worth $7,964,000 after acquiring an additional 78,219 shares in the last quarter. CWM LLC lifted its position in Concentrix by 8,608.1% during the 1st quarter. CWM LLC now owns 66,617 shares of the company's stock worth $3,707,000 after acquiring an additional 65,852 shares in the last quarter. Cerity Partners LLC acquired a new position in Concentrix during the 1st quarter worth approximately $3,773,000. Finally, Crossmark Global Holdings Inc. acquired a new position in Concentrix during the 1st quarter worth approximately $1,179,000. Hedge funds and other institutional investors own 90.34% of the company's stock.

Concentrix Price Performance

Shares of Concentrix stock traded up $0.80 during trading on Friday, hitting $58.33. The stock had a trading volume of 504,506 shares, compared to its average volume of 750,861. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market cap of $3.68 billion, a P/E ratio of 5.64, a PEG ratio of 0.77 and a beta of 0.53. The business has a fifty day moving average of $55.90 and a two-hundred day moving average of $50.97. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share 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 analyst estimates of $2.38 billion. During the same quarter last year, the company earned $2.69 EPS. The company's quarterly revenue was up 1.5% compared to the same quarter last year. On average, sell-side analysts expect that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Friday, July 25th. Concentrix's dividend payout ratio is currently 36.54%.

Insider Activity

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $57.06, for a total transaction of $28,530.00. Following the transaction, the executive vice president owned 38,130 shares of the company's stock, valued at approximately $2,175,697.80. This represents a 1.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Christopher A. Caldwell acquired 1,000 shares of the stock in a transaction dated Monday, April 21st. The shares were bought at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the acquisition, the chief executive officer owned 303,362 shares in the company, valued at $13,954,652. The trade was a 0.33% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

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

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.