Concentrix (NASDAQ:CNXC) Shares Gap Up to $57.28

Concentrix Co. (NASDAQ:CNXC)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $57.28, but opened at $63.15. Concentrix shares last traded at $59.49, with a volume of 278,053 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CNXC shares. Barrington Research decreased their price target on Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, March 27th. Bank of America reissued an “underperform” rating and set a $60.00 price target (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Finally, Scotiabank dropped their price objective on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $74.75.

Concentrix Price Performance

The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. The business has a fifty day simple moving average of $62.70 and a 200 day simple moving average of $80.27. The stock has a market capitalization of $3.92 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.55.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Tuesday, March 26th. The company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.03). The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. On average, analysts expect that Concentrix Co. will post 11.03 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be given a dividend of $0.303 per share. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, April 25th. This represents a $1.21 dividend on an annualized basis and a yield of 2.04%. Concentrix’s dividend payout ratio (DPR) is presently 24.95%.

Insider Activity at Concentrix

In related news, CEO Christopher A. Caldwell purchased 900 shares of the company’s stock in a transaction dated Friday, April 19th. The shares were purchased at an average cost of $54.59 per share, with a total value of $49,131.00. Following the transaction, the chief executive officer now directly owns 239,128 shares in the company, valued at approximately $13,053,997.52. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders have acquired a total of 1,679 shares of company stock worth $98,546 in the last 90 days. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. First Horizon Advisors Inc. raised its stake in Concentrix by 381.7% in the fourth quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock valued at $34,000 after buying an additional 271 shares during the last quarter. Pineridge Advisors LLC acquired a new stake in Concentrix during the fourth quarter worth $35,000. Parkside Financial Bank & Trust increased its stake in Concentrix by 146.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock worth $62,000 after acquiring an additional 374 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Concentrix in the third quarter valued at $65,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Concentrix by 134.9% in the third quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock valued at $105,000 after buying an additional 754 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

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.