Concentrix (NASDAQ:CNXC) Trading 8.7% Higher – Time to Buy?

Concentrix Corporation (NASDAQ:CNXC) traded up 8.7% during trading on Friday . The company traded as high as $24.38 and last traded at $24.4810. Approximately 579,828 shares traded hands during trading, a decline of 63% from the average daily volume of 1,550,797 shares. The stock had previously closed at $22.52.

Wall Street Analysts Forecast Growth

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

Concentrix Stock Performance

The company has a debt-to-equity ratio of 1.43, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50-day moving average of $26.00 and a 200-day moving average of $32.26. The company has a market capitalization of $1.48 billion, a P/E ratio of -1.13, a P/E/G ratio of 0.30 and a beta of 0.44.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data 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). Concentrix had a negative net margin of 13.35% and a positive return on equity of 17.80%. The firm had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter last year, the firm earned $2.79 EPS. The company’s revenue was up 5.4% on a year-over-year basis. On average, sell-side analysts anticipate that Concentrix Corporation will post 10.42 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. raised its holdings in shares of Concentrix by 2,107.6% in the first quarter. Pacer Advisors Inc. now owns 355,400 shares of the company’s stock worth $9,724,000 after buying an additional 339,301 shares during the period. Empowered Funds LLC lifted its stake in shares of Concentrix by 21.6% during the 1st quarter. Empowered Funds LLC now owns 306,784 shares of the company’s stock worth $8,394,000 after acquiring an additional 54,585 shares during the last quarter. Militia Capital Management LLC purchased a new position in Concentrix during the 1st quarter valued at $331,000. Bank of America Corp DE boosted its holdings in Concentrix by 146.1% during the 1st quarter. Bank of America Corp DE now owns 697,191 shares of the company’s stock valued at $19,075,000 after acquiring an additional 413,913 shares during the period. Finally, Edgestream Partners L.P. bought a new position in Concentrix in the 1st quarter valued at $6,680,000. Institutional investors 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.