Insider Selling: Concentrix Co. (NASDAQ:CNXC) CEO Sells $517,672.10 in Stock

Concentrix Co. (NASDAQ:CNXC) CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Concentrix Stock Performance

Shares of CNXC stock opened at $52.58 on Monday. Concentrix Co. has a 12 month low of $50.23 and a 12 month high of $106.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.56. The firm has a market capitalization of $3.43 billion, a P/E ratio of 12.17, a P/E/G ratio of 0.71 and a beta of 0.58. The company’s fifty day moving average price is $65.82 and its two-hundred day moving average price is $63.24.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. Concentrix’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.54 EPS. On average, research analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a $0.333 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.53%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is presently 30.79%.

Institutional Investors Weigh In On Concentrix

Several hedge funds and other institutional investors have recently modified their holdings of CNXC. Hexagon Capital Partners LLC increased its position in shares of Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after purchasing an additional 389 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after buying an additional 402 shares during the last quarter. Pineridge Advisors LLC bought a new stake in shares of Concentrix during the 4th quarter valued at about $35,000. First Horizon Advisors Inc. grew its position in shares of Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after buying an additional 285 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix during the 2nd quarter valued at about $68,000. Institutional investors own 90.34% of the company’s stock.

Analyst Ratings Changes

CNXC has been the topic of several recent research reports. Barrington Research reduced their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Bank of America reduced their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Canaccord Genuity Group reduced their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a report on Thursday. Finally, Robert W. Baird started coverage on shares of Concentrix in a report on Thursday. They issued an “outperform” rating and a $70.00 price objective on the stock. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Concentrix currently has a consensus rating of “Buy” and an average target price of $79.00.

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.