Concentrix (NASDAQ:CNXC) Shares Gap Up on Strong Earnings

Concentrix Co. (NASDAQ:CNXC)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $45.68, but opened at $51.49. Concentrix shares last traded at $59.86, with a volume of 747,478 shares traded.

The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period in the prior year, the company posted $2.57 earnings per share. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be given a dividend of $0.3328 per share. The ex-dividend date is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.34%. Concentrix’s dividend payout ratio (DPR) is presently 35.85%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Canaccord Genuity Group decreased their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Barrington Research decreased their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, March 24th. Finally, Bank of America boosted their target price on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $69.60.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CNXC. Steward Partners Investment Advisory LLC lifted its stake in Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the period. Venturi Wealth Management LLC raised its position in shares of Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after acquiring an additional 490 shares during the period. Parkside Financial Bank & Trust boosted its stake in Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock worth $52,000 after acquiring an additional 444 shares during the last quarter. KBC Group NV grew its holdings in Concentrix by 68.3% during the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after purchasing an additional 815 shares during the period. Finally, Quarry LP increased its stake in Concentrix by 843.9% in 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. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Trading Down 12.4 %

The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The company’s fifty day simple moving average is $48.06 and its two-hundred day simple moving average is $47.75.

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.