Avantax Advisory Services Inc. Buys 786 Shares of Concentrix Corporation (NASDAQ:CNXC)

Avantax Advisory Services Inc. increased its stake in shares of Concentrix Corporation (NASDAQ:CNXC) by 11.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,842 shares of the company’s stock after buying an additional 786 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Concentrix were worth $436,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. American Century Companies Inc. bought a new stake in shares of Concentrix in the 4th quarter worth $539,000. LPL Financial LLC bought a new stake in Concentrix in the 4th quarter worth about $1,278,000. JPMorgan Chase & Co. increased its stake in Concentrix by 10.9% in the 4th quarter. JPMorgan Chase & Co. now owns 173,203 shares of the company’s stock valued at $7,494,000 after buying an additional 17,073 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Concentrix by 403.0% during the 4th quarter. Franklin Resources Inc. now owns 45,482 shares of the company’s stock worth $1,968,000 after buying an additional 36,440 shares in the last quarter. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Concentrix in the 4th quarter worth approximately $1,969,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on CNXC. Barrington Research reaffirmed an “outperform” rating and set a $54.00 price target on shares of Concentrix in a research report on Tuesday, June 24th. Bank of America decreased their target price 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 downgraded shares of Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Canaccord Genuity Group restated a “buy” rating and set a $80.00 price objective on shares of Concentrix in a report on Monday, June 30th. Finally, Robert W. Baird lifted their price objective on shares of Concentrix from $62.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, June 26th. Two 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.75.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total transaction of $28,955.00. Following the sale, the executive vice president owned 37,130 shares of the company’s stock, valued at $2,150,198.30. The trade was a 1.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.20% of the company’s stock.

Concentrix Stock Performance

Shares of CNXC opened at $46.71 on Thursday. Concentrix Corporation has a 1 year low of $36.28 and a 1 year high of $77.00. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. The stock’s fifty day moving average price is $55.63 and its two-hundred day moving average price is $51.75. The firm has a market cap of $2.94 billion, a PE ratio of 12.83, a PEG ratio of 0.63 and a beta of 0.53.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.69 earnings per share. On average, equities research analysts forecast that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Friday, July 25th were issued a $0.3328 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $1.33 annualized dividend and a yield of 2.8%. Concentrix’s dividend payout ratio (DPR) is 36.54%.

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.