Concentrix Co. (NASDAQ:CNXC) Short Interest Update

Concentrix Co. (NASDAQ:CNXC) saw a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 7,310,000 shares, a decrease of 14.7% from the March 15th total of 8,570,000 shares. Approximately 16.2% of the shares of the stock are short sold. Based on an average daily volume of 982,400 shares, the short-interest ratio is presently 7.4 days.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction on Tuesday, April 15th. The stock was 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,444 shares of company stock worth $1,484,078. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Concentrix

Institutional investors and hedge funds have recently modified their holdings of the company. UMB Bank n.a. boosted its position in Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company’s stock worth $38,000 after purchasing an additional 217 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Rhumbline Advisers grew its position in Concentrix by 0.3% during the fourth quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock valued at $5,565,000 after buying an additional 324 shares during the period. Parkside Financial Bank & Trust increased its holdings in Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after buying an additional 444 shares during the last quarter. Finally, Xponance Inc. raised its position in Concentrix by 8.9% in the fourth quarter. Xponance Inc. now owns 5,540 shares of the company’s stock worth $240,000 after acquiring an additional 455 shares during the period. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CNXC shares. Barrington Research dropped their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, March 24th. Canaccord Genuity Group lowered their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Finally, Bank of America boosted their price target on Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, March 27th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Concentrix presently has an average rating of “Buy” and a consensus target price of $69.60.

Concentrix Price Performance

NASDAQ CNXC opened at $47.33 on Monday. Concentrix has a one year low of $36.28 and a one year high of $77.00. The stock has a 50-day moving average of $47.54 and a 200 day moving average of $46.28. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 0.63 and a beta of 0.51.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping analysts’ consensus estimates of $2.58 by $0.21. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the business posted $2.57 earnings per share. On average, sell-side analysts forecast that Concentrix will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th will be issued a dividend of $0.3328 per share. The ex-dividend date is Friday, April 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.81%. Concentrix’s payout ratio is 33.33%.

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.