Envestnet Asset Management Inc. Buys 12,162 Shares of Concentrix Corporation (NASDAQ:CNXC)

Envestnet Asset Management Inc. lifted its stake in shares of Concentrix Corporation (NASDAQ:CNXC) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 165,581 shares of the company’s stock after acquiring an additional 12,162 shares during the quarter. Envestnet Asset Management Inc. owned about 0.26% of Concentrix worth $9,213,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. UMB Bank n.a. raised its position in Concentrix by 47.3% during the 1st 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. First Horizon Advisors Inc. increased its stake in Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock valued at $47,000 after purchasing an additional 444 shares in the last quarter. Quarry LP lifted its holdings in Concentrix by 843.9% during the fourth quarter. Quarry LP now owns 2,539 shares of the company’s stock valued at $110,000 after purchasing an additional 2,270 shares in the last quarter. Fifth Third Bancorp increased its position in Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock worth $114,000 after purchasing an additional 548 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Concentrix by 582.5% in the first quarter. Versant Capital Management Inc now owns 2,109 shares of the company’s stock valued at $117,000 after purchasing an additional 1,800 shares during the period. Institutional investors own 90.34% of the company’s stock.

Wall Street Analyst Weigh In

CNXC has been the subject of several analyst reports. Barrington Research reissued an “outperform” rating and set a $54.00 price target on shares of Concentrix in a report on Tuesday, June 24th. Bank of America dropped 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. Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 price target on shares of Concentrix in a research report on Monday, June 30th. Finally, Robert W. Baird boosted their price target on Concentrix from $62.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.75.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the completion of the sale, the executive vice president owned 38,130 shares of the company’s stock, valued at $2,175,697.80. This trade represents a 1.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 3.20% of the company’s stock.

Concentrix Stock Performance

NASDAQ:CNXC opened at $57.82 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14. The company has a market cap of $3.64 billion, a P/E ratio of 15.88, a P/E/G ratio of 0.77 and a beta of 0.53. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The firm’s 50 day moving average is $55.90 and its two-hundred day moving average is $51.08.

Concentrix (NASDAQ:CNXC) last released its earnings results on Thursday, June 26th. The company reported $2.70 EPS for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.06). The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.69 earnings per share. Analysts expect that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be given a $0.3328 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.30%. Concentrix’s payout ratio is presently 36.54%.

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.