Concentrix Corporation (NASDAQ:CNXC) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its stake in shares of Concentrix Corporation (NASDAQ:CNXC) by 7.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 165,581 shares of the company’s stock after buying an additional 12,162 shares during the period. Envestnet Asset Management Inc. owned 0.26% of Concentrix worth $9,213,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings in shares of Concentrix by 761.3% in the 1st quarter. GAMMA Investing LLC now owns 2,446 shares of the company’s stock valued at $136,000 after buying an additional 2,162 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of Concentrix in the 4th quarter valued at $294,000. Raymond James Financial Inc. purchased a new stake in shares of Concentrix in the 4th quarter valued at $4,752,000. Fifth Third Bancorp raised its holdings in shares of 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 buying an additional 548 shares during the period. Finally, American Century Companies Inc. purchased a new stake in shares of Concentrix in the 4th quarter valued at $539,000. Institutional investors and hedge funds own 90.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CNXC shares. Bank of America decreased their price objective on Concentrix from $65.00 to $61.00 and set a “neutral” rating for the company in a research note on Friday, June 27th. Barrington Research reaffirmed an “outperform” rating and set a $54.00 price objective on shares of Concentrix in a research report on Tuesday, June 24th. Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a research report on Saturday, June 21st. Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 target price on shares of Concentrix in a research report on Monday, June 30th. Finally, Robert W. Baird upped their target price on Concentrix from $62.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Concentrix presently has an average rating of “Moderate Buy” and a consensus price target of $66.75.

Concentrix Stock Down 0.9%

Shares of NASDAQ CNXC opened at $57.82 on Tuesday. Concentrix Corporation has a 1 year low of $36.28 and a 1 year high of $77.00. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 0.77 and a beta of 0.53. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. The stock’s 50-day simple moving average is $55.90 and its 200-day simple moving average is $51.08.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.69 earnings per share. As a group, equities analysts anticipate that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, July 25th. Concentrix’s dividend payout ratio (DPR) is currently 36.54%.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $57.06, for a total value of $28,530.00. Following the completion of the sale, the executive vice president directly owned 38,130 shares in the company, valued at approximately $2,175,697.80. This represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.20% of the stock is currently owned by company insiders.

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.