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

Concentrix Co. (NASDAQ:CNXC) shares 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.

Wall Street Analyst Weigh In

CNXC has been the subject of several analyst reports. Bank of America reiterated an “underperform” rating and issued a $60.00 target price (down previously from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Barrington Research reduced their price objective on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, March 27th. Finally, Scotiabank dropped their target price on shares of Concentrix from $120.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Concentrix presently has an average rating of “Hold” and a consensus price target of $74.75.

Concentrix Stock Up 3.6 %

The stock has a 50 day moving average price of $62.23 and a 200 day moving average price of $80.12. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $3.92 billion, a P/E ratio of 12.24, a PEG ratio of 0.66 and a beta of 0.55.

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

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be issued a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a yield of 2.04%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, April 25th. Concentrix’s dividend payout ratio is 24.95%.

Insider Buying and Selling at Concentrix

In other news, CEO Christopher A. Caldwell acquired 900 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were acquired at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the purchase, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought a total of 1,679 shares of company stock worth $98,546 over the last ninety days. 3.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Concentrix

Several large investors have recently modified their holdings of the business. Valley Wealth Managers Inc. grew its stake in Concentrix by 0.7% in the 1st quarter. Valley Wealth Managers Inc. now owns 206,886 shares of the company’s stock valued at $13,700,000 after buying an additional 1,356 shares in the last quarter. Pzena Investment Management LLC grew its position in shares of Concentrix by 246.3% in the first quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock valued at $67,095,000 after purchasing an additional 720,616 shares in the last quarter. FORA Capital LLC bought a new stake in shares of Concentrix during the 1st quarter valued at $231,000. New York State Teachers Retirement System lifted its holdings in Concentrix by 0.8% during the 1st quarter. New York State Teachers Retirement System now owns 61,911 shares of the company’s stock worth $4,100,000 after purchasing an additional 500 shares in the last quarter. Finally, Carmel Capital Partners LLC boosted its stake in Concentrix by 29.5% in the 1st quarter. Carmel Capital Partners LLC now owns 14,805 shares of the company’s stock worth $980,000 after purchasing an additional 3,376 shares during the period. Hedge funds and other 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.