Voloridge Investment Management LLC Invests $1.20 Million in Concentrix Co. (NASDAQ:CNXC)

Voloridge Investment Management LLC acquired a new stake in Concentrix Co. (NASDAQ:CNXC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 27,777 shares of the company's stock, valued at approximately $1,202,000.

A number of other large investors have also recently made changes to their positions in CNXC. Steward Partners Investment Advisory LLC raised its holdings in shares of Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after acquiring an additional 286 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock valued at $34,000 after purchasing an additional 490 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after purchasing an additional 444 shares in the last quarter. KBC Group NV raised its stake in shares of Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company's stock worth $87,000 after purchasing an additional 815 shares during the last quarter. Finally, Quarry LP raised its stake in shares of Concentrix by 843.9% in the fourth quarter. Quarry LP now owns 2,539 shares of the company's stock worth $110,000 after purchasing an additional 2,270 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $55.31, for a total value of $27,655.00. Following the sale, the executive vice president now owns 39,130 shares of the company's stock, valued at approximately $2,164,280.30. The trade was a 1.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Olivier Duha sold 29,444 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the completion of the transaction, the director now owns 1,155,862 shares in the company, valued at approximately $56,082,424.24. The trade was a 2.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,944 shares of company stock valued at $1,510,158. 3.20% of the stock is owned by insiders.

Analysts Set New Price Targets

CNXC has been the topic of several analyst reports. Barrington Research cut their target price on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, March 24th. Bank of America lifted their price objective on shares of Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $65.75.

Concentrix Stock Performance

Shares of Concentrix stock traded down $1.24 during mid-day trading on Monday, hitting $54.73. 553,382 shares of the stock were exchanged, compared to its average volume of 711,552. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $77.00. The company has a 50-day simple moving average of $52.19 and a 200 day simple moving average of $48.03. The company has a market capitalization of $3.50 billion, a P/E ratio of 14.75, a P/E/G ratio of 0.63 and a beta of 0.52. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating analysts' consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period last year, the business posted $2.57 earnings per share. Concentrix's revenue was down 1.3% on a year-over-year basis. Sell-side analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were paid a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix's payout ratio is 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.