Envestnet Asset Management Inc. Has $9.21 Million Stock Holdings in Concentrix Corporation (NASDAQ:CNXC)

Envestnet Asset Management Inc. boosted its stake in Concentrix Corporation (NASDAQ:CNXC) by 7.9% during the first quarter, according to the company in its most recent 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 approximately 0.26% of Concentrix worth $9,213,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of CNXC. GAMMA Investing LLC boosted its position in shares of Concentrix by 761.3% during the 1st quarter. GAMMA Investing LLC now owns 2,446 shares of the company’s stock worth $136,000 after acquiring an additional 2,162 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Concentrix during the fourth quarter worth $294,000. Raymond James Financial Inc. acquired a new stake in shares of Concentrix during the fourth quarter worth $4,752,000. Fifth Third Bancorp grew its holdings in Concentrix by 36.5% in 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 period. Finally, American Century Companies Inc. acquired a new stake in Concentrix in the fourth quarter worth $539,000. Institutional investors and hedge funds own 90.34% of the company’s stock.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $57.06, for a total value of $28,530.00. Following the sale, the executive vice president owned 38,130 shares in the company, valued at $2,175,697.80. This represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on CNXC shares. Barrington Research reaffirmed an “outperform” rating and issued a $54.00 price objective on shares of Concentrix in a research report on Tuesday, June 24th. Robert W. Baird boosted their price target on shares of Concentrix from $62.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, June 26th. Wall Street Zen lowered shares of Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Canaccord Genuity Group reiterated a “buy” rating and set a $80.00 price target on shares of Concentrix in a report on Monday, June 30th. Finally, Bank of America reduced their target price on shares of Concentrix from $65.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, June 27th. 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. According to data from MarketBeat.com, Concentrix currently has a consensus rating of “Moderate Buy” and an average price target of $66.75.

Concentrix Price Performance

NASDAQ CNXC opened at $57.82 on Tuesday. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. Concentrix Corporation has a 12 month low of $36.28 and a 12 month high of $77.00. The company’s 50 day moving average is $55.90 and its two-hundred day moving average is $51.08. The stock 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.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Thursday, June 26th. The company reported $2.70 earnings per share 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 analysts’ expectations of $2.38 billion. Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the business posted $2.69 earnings per share. As a group, research analysts anticipate that Concentrix Corporation will post 10.11 earnings per share for the current year.

Concentrix Dividend Announcement

The business 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 $0.3328 dividend. The ex-dividend date is Friday, July 25th. This represents a $1.33 annualized dividend and a yield of 2.30%. Concentrix’s dividend payout ratio (DPR) is presently 36.54%.

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.