Principal Financial Group Inc. Sells 47,014 Shares of Concentrix Co. (NASDAQ:CNXC)

Principal Financial Group Inc. lessened its stake in Concentrix Co. (NASDAQ:CNXC) by 30.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,029 shares of the company’s stock after selling 47,014 shares during the period. Principal Financial Group Inc. owned approximately 0.17% of Concentrix worth $5,588,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CNXC. GAMMA Investing LLC grew its position in Concentrix by 64.9% in the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after acquiring an additional 287 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Concentrix during the second quarter worth about $68,000. Quarry LP boosted its holdings in shares of Concentrix by 769.9% in the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after purchasing an additional 1,101 shares in the last quarter. Quest Partners LLC bought a new position in shares of Concentrix during the 3rd quarter valued at about $146,000. Finally, Blue Trust Inc. raised its holdings in shares of Concentrix by 62.4% during the 3rd quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock valued at $161,000 after buying an additional 1,204 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

Insider Activity at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 11,323 shares of company stock worth $584,362 in the last 90 days. Company insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

CNXC has been the topic of a number of recent research reports. Bank of America reduced their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. Canaccord Genuity Group reduced their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Robert W. Baird began coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target for the company. Baird R W upgraded Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Barrington Research dropped their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Concentrix presently has an average rating of “Buy” and a consensus price target of $79.00.

Concentrix Price Performance

CNXC stock opened at $43.27 on Thursday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm’s 50-day moving average price is $42.85 and its two-hundred day moving average price is $56.05. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 0.56 and a beta of 0.63. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $106.10.

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.