Parcion Private Wealth LLC Buys Shares of 5,387 Concentrix Corporation (NASDAQ:CNXC)

Parcion Private Wealth LLC acquired a new position in Concentrix Corporation (NASDAQ:CNXC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 5,387 shares of the company's stock, valued at approximately $300,000.

Several other hedge funds also recently made changes to their positions in the business. Victory Capital Management Inc. grew its stake in shares of Concentrix by 120.5% in the 1st quarter. Victory Capital Management Inc. now owns 143,126 shares of the company's stock worth $7,964,000 after purchasing an additional 78,219 shares during the last quarter. CWM LLC grew its stake in shares of Concentrix by 8,608.1% in the 1st quarter. CWM LLC now owns 66,617 shares of the company's stock worth $3,707,000 after purchasing an additional 65,852 shares during the last quarter. Cerity Partners LLC acquired a new position in shares of Concentrix in the 1st quarter worth approximately $3,773,000. Crossmark Global Holdings Inc. acquired a new position in shares of Concentrix in the 1st quarter worth approximately $1,179,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of Concentrix by 7.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 165,581 shares of the company's stock worth $9,213,000 after purchasing an additional 12,162 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Trading Up 1.4%

Shares of CNXC traded up $0.80 during midday trading on Friday, hitting $58.33. The stock had a trading volume of 504,506 shares, compared to its average volume of 747,091. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The business has a 50-day simple moving average of $55.80 and a two-hundred day simple moving average of $50.87. The firm has a market cap of $3.68 billion, a P/E ratio of 16.02, a price-to-earnings-growth ratio of 0.73 and a beta of 0.53. 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 (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). The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The business's revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.69 earnings per share. As a group, equities analysts forecast that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

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

Wall Street Analyst Weigh In

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

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the completion of the sale, the executive vice president directly owned 38,130 shares in the company, valued at approximately $2,175,697.80. This trade represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Christopher A. Caldwell bought 1,000 shares of Concentrix 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 directly owned 303,362 shares of the company's stock, valued at approximately $13,954,652. The trade was a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.20% of the company's stock.

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.