Raymond James Financial Inc. Purchases 17,072 Shares of Concentrix Corporation $CNXC

Raymond James Financial Inc. grew its stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 15.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,905 shares of the company's stock after acquiring an additional 17,072 shares during the period. Raymond James Financial Inc. owned 0.20% of Concentrix worth $7,061,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. UMB Bank n.a. lifted its stake in Concentrix by 47.3% in the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after purchasing an additional 217 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in 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 purchasing an additional 444 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Concentrix by 47.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock valued at $84,000 after purchasing an additional 483 shares during the last quarter. Fifth Third Bancorp lifted its stake in Concentrix by 36.5% in the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock valued at $114,000 after purchasing an additional 548 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in Concentrix by 582.5% in the 1st quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock valued at $117,000 after purchasing an additional 1,800 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Stock Performance

CNXC stock traded up $1.36 during mid-day trading on Friday, hitting $53.82. 614,358 shares of the company were exchanged, compared to its average volume of 578,521. 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 1-year low of $36.28 and a 1-year high of $74.32. The business has a 50 day simple moving average of $53.38 and a 200-day simple moving average of $51.74. The stock has a market capitalization of $3.39 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 0.72 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm posted $2.69 earnings per share. The firm's quarterly revenue was up 1.5% on a year-over-year basis. Concentrix has set its FY 2025 guidance at 11.530-11.760 EPS. Q3 2025 guidance at 2.800-2.910 EPS. On average, equities analysts forecast that Concentrix Corporation will post 10.11 earnings per share for the current year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were given a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, July 25th. Concentrix's payout ratio is presently 36.54%.

Insider Buying and Selling at Concentrix

In other 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 value of $28,955.00. Following the completion of the sale, the executive vice president directly owned 37,130 shares in the company, valued at approximately $2,150,198.30. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

CNXC has been the subject of several recent analyst reports. Robert W. Baird raised their target price on shares of Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Canaccord Genuity Group reiterated a "buy" rating and issued a $80.00 target price on shares of Concentrix in a research note on Monday, June 30th. Barrington Research reiterated an "outperform" rating and issued a $54.00 target price on shares of Concentrix in a research note on Tuesday, June 24th. Finally, Bank of America cut their price objective on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research report on Friday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $66.75.

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.