Concentrix (NASDAQ:CNXC) Shares Down 9% After Insider Selling

Concentrix Corporation (NASDAQ:CNXC) was down 9% during mid-day trading on Friday following insider selling activity. The stock traded as low as $47.22 and last traded at $47.31. Approximately 319,154 shares were traded during trading, a decline of 60% from the average daily volume of 807,082 shares. The stock had previously closed at $51.97.

Specifically, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the transaction, the executive vice president directly owned 37,130 shares of the company’s stock, valued at $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

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

Concentrix Price Performance

The stock’s 50 day simple moving average is $56.23 and its 200-day simple moving average is $51.78. 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 firm has a market cap of $2.91 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.69 and a beta of 0.53.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Thursday, June 26th. The company reported $2.70 EPS for the quarter, missing the consensus estimate 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 firm’s revenue was up 1.5% on a year-over-year basis. During the same period last year, the company earned $2.69 earnings per share. Equities research analysts anticipate that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be given a dividend of $0.3328 per share. The ex-dividend date is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.9%. Concentrix’s dividend payout ratio is currently 36.54%.

Hedge Funds Weigh In On Concentrix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SYM FINANCIAL Corp raised its holdings in Concentrix by 12.4% in the 2nd quarter. SYM FINANCIAL Corp now owns 4,522 shares of the company’s stock valued at $239,000 after acquiring an additional 499 shares during the last quarter. Teacher Retirement System of Texas lifted its position in Concentrix by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 7,840 shares of the company’s stock valued at $414,000 after buying an additional 2,154 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Concentrix by 32.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 220,030 shares of the company’s stock worth $11,630,000 after acquiring an additional 54,449 shares during the last quarter. Brighton Jones LLC acquired a new position in Concentrix during the second quarter worth $551,000. Finally, Focus Partners Advisor Solutions LLC boosted its stake in shares of Concentrix by 50.1% in the second quarter. Focus Partners Advisor Solutions LLC now owns 17,981 shares of the company’s stock valued at $950,000 after purchasing an additional 5,998 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

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.