Concentrix (NASDAQ:CNXC) Reaches New 52-Week Low – What’s Next?

Concentrix Corporation (NASDAQ:CNXC) shares reached a new 52-week low on Friday . The stock traded as low as $22.85 and last traded at $23.82, with a volume of 3126767 shares changing hands. The stock had previously closed at $24.85.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Robert W. Baird decreased their price target on shares of Concentrix from $52.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, March 25th. Wall Street Zen downgraded shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Concentrix in a research note on Monday. Barrington Research decreased their price target on shares of Concentrix from $62.00 to $38.00 and set an “outperform” rating for the company in a research note on Wednesday, March 25th. Finally, Canaccord Genuity Group reduced their price objective on shares of Concentrix from $80.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $48.50.

Concentrix Price Performance

The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -1.11, a PEG ratio of 0.31 and a beta of 0.50. The business’s fifty day moving average price is $29.47 and its 200-day moving average price is $35.95. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.18 and a quick ratio of 1.18.

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

Concentrix Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date is Friday, April 24th. Concentrix’s dividend payout ratio (DPR) is currently -6.68%.

Insider Activity

In other Concentrix news, CFO Andre S. Valentine acquired 2,500 shares of Concentrix stock in a transaction dated Thursday, April 9th. The stock was purchased at an average cost of $27.95 per share, for a total transaction of $69,875.00. Following the completion of the acquisition, the chief financial officer directly owned 89,066 shares of the company’s stock, valued at $2,489,394.70. This represents a 2.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank boosted its holdings in Concentrix by 6,011.1% during the third quarter. Huntington National Bank now owns 550 shares of the company’s stock worth $25,000 after purchasing an additional 541 shares during the last quarter. Quent Capital LLC purchased a new position in Concentrix during the third quarter worth about $29,000. Larson Financial Group LLC boosted its holdings in Concentrix by 224.9% during the third quarter. Larson Financial Group LLC now owns 692 shares of the company’s stock worth $32,000 after purchasing an additional 479 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in 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 last quarter. Finally, Rothschild Investment LLC boosted its holdings in Concentrix by 14,980.0% during the third quarter. Rothschild Investment LLC now owns 754 shares of the company’s stock worth $35,000 after purchasing an additional 749 shares during the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Concentrix Company Profile

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.