Wealthfront Advisers LLC Acquires Shares of 77,806 Concentrix Co. (NASDAQ:CNXC)

Wealthfront Advisers LLC acquired a new position in Concentrix Co. (NASDAQ:CNXC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 77,806 shares of the company’s stock, valued at approximately $3,367,000. Wealthfront Advisers LLC owned approximately 0.12% of Concentrix at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GSA Capital Partners LLP bought a new position in Concentrix in the third quarter worth about $1,243,000. Victory Capital Management Inc. grew its holdings in shares of Concentrix by 32.1% during the 3rd quarter. Victory Capital Management Inc. now owns 28,773 shares of the company’s stock worth $1,475,000 after acquiring an additional 6,990 shares during the period. Islay Capital Management LLC bought a new position in shares of Concentrix in the 3rd quarter worth approximately $838,000. Quest Partners LLC purchased a new position in shares of Concentrix in the 3rd quarter valued at approximately $146,000. Finally, Intech Investment Management LLC bought a new stake in shares of Concentrix during the third quarter valued at approximately $1,255,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group decreased their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $75.00.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the sale, the executive vice president now owns 41,111 shares in the company, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.20% of the stock is owned by company insiders.

Concentrix Price Performance

CNXC stock opened at $43.32 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.63 and a beta of 0.69. The firm has a 50 day moving average price of $47.69 and a 200-day moving average price of $49.70. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $77.00.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the previous year, the business earned $3.36 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. Equities research analysts forecast that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st were paid a dividend of $0.3328 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a yield of 3.07%. Concentrix’s dividend payout ratio is currently 35.85%.

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.