Concentrix (NASDAQ:CNXC) Stock Price Down 7.9% – Here’s Why

Shares of Concentrix Corporation (NASDAQ:CNXC) fell 7.9% during trading on Thursday . The company traded as low as $22.43 and last traded at $22.3150. Approximately 863,384 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 1,546,273 shares. The stock had previously closed at $24.24.

Analyst Ratings Changes

Several research firms have commented on CNXC. Weiss Ratings reissued a “sell (d)” rating on shares of Concentrix in a report on Monday, April 27th. Robert W. Baird decreased their price objective on shares of Concentrix from $52.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 25th. Canaccord Genuity Group lowered their price objective on shares of Concentrix from $80.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Wall Street Zen downgraded Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Barrington Research reissued an “outperform” rating and set a $38.00 price target on shares of Concentrix in a report on Monday. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $48.50.

Concentrix Stock Performance

The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -1.03, a PEG ratio of 0.31 and a beta of 0.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.43. The stock’s 50-day moving average is $26.12 and its 200-day moving average is $32.37.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Tuesday, March 24th. The company reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.04). The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.79 EPS. On average, analysts predict that Concentrix Corporation will post 10.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $22.25, for a total transaction of $133,500,000.00. Following the sale, the insider owned 2,773,667 shares of the company’s stock, valued at $61,714,090.75. This trade represents a 68.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Andre S. Valentine acquired 2,500 shares of Concentrix stock in a transaction that occurred on Thursday, April 9th. The shares were purchased at an average price of $27.95 per share, for a total transaction of $69,875.00. Following the transaction, the chief financial officer directly owned 89,066 shares in the company, valued at $2,489,394.70. The trade was a 2.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada boosted its position in Concentrix by 9.5% during the 1st quarter. Royal Bank of Canada now owns 47,501 shares of the company’s stock worth $2,643,000 after buying an additional 4,133 shares during the period. Goldman Sachs Group Inc. increased its position in Concentrix by 75.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company’s stock valued at $23,552,000 after acquiring an additional 181,546 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Concentrix by 17.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,515 shares of the company’s stock valued at $8,152,000 after acquiring an additional 21,746 shares during the last quarter. Focus Partners Wealth bought a new position in shares of Concentrix during the first quarter valued at $781,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Concentrix by 532.7% during the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock worth $34,000 after purchasing an additional 522 shares during the period. Institutional investors and hedge funds own 90.34% of the company’s stock.

About Concentrix

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology?driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back?office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.