Squarepoint Ops LLC Acquires 97,429 Shares of Concentrix Co. (NASDAQ:CNXC)

Squarepoint Ops LLC raised its stake in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 2,448.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,409 shares of the company's stock after purchasing an additional 97,429 shares during the quarter. Squarepoint Ops LLC owned approximately 0.16% of Concentrix worth $4,388,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CNXC. Pzena Investment Management LLC increased its position in Concentrix by 60.0% during the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after purchasing an additional 880,960 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in Concentrix by 38.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after purchasing an additional 823,228 shares during the period. Alyeska Investment Group L.P. purchased a new position in Concentrix during the 4th quarter valued at $21,123,000. Millennium Management LLC boosted its holdings in shares of Concentrix by 232.9% during the 4th quarter. Millennium Management LLC now owns 578,700 shares of the company's stock valued at $25,040,000 after buying an additional 404,885 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Concentrix by 209.0% during the 4th quarter. Marshall Wace LLP now owns 593,043 shares of the company's stock valued at $25,661,000 after buying an additional 401,133 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Bank of America boosted their target price on shares of Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday, March 27th. Barrington Research dropped their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $65.75.

Insider Activity

In related news, Director Olivier Duha sold 29,444 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the completion of the sale, the director now directly owns 1,155,862 shares of the company's stock, valued at approximately $56,082,424.24. This represents a 2.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $55.31, for a total transaction of $27,655.00. Following the completion of the sale, the executive vice president now directly owns 39,130 shares of the company's stock, valued at $2,164,280.30. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,444 shares of company stock valued at $1,481,628 in the last quarter. 3.20% of the stock is currently owned by insiders.

Concentrix Stock Performance

CNXC traded down $0.15 during midday trading on Friday, hitting $57.29. 113,202 shares of the company traded hands, compared to its average volume of 707,243. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $3.66 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 0.63 and a beta of 0.52. The company's 50-day moving average is $51.79 and its 200 day moving average is $47.70. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.21. The business had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.57 EPS. On average, research analysts expect that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were given a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, April 25th. Concentrix's payout ratio is currently 33.33%.

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.