Concentrix (NASDAQ:CNXC) Shares Up 8.7% – What’s Next?

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of Concentrix from $52.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, March 25th. Wall Street Zen lowered shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Canaccord Genuity Group reduced their price target 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. Weiss Ratings reiterated a “sell (d)” rating on shares of Concentrix in a report on Monday, April 27th. Finally, Barrington Research reiterated an “outperform” rating and set a $38.00 price objective on shares of Concentrix in a research note on Monday, June 22nd. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.33.

Concentrix Stock Up 11.0%

The business’s 50 day moving average is $25.93 and its 200-day moving average is $32.21. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -1.16, a price-to-earnings-growth ratio of 0.31 and a beta of 0.44.

Insider Transactions at Concentrix

In other news, CFO Andre S. Valentine purchased 2,500 shares of the firm’s stock in a transaction on Thursday, April 9th. The stock was bought 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 approximately $2,489,394.70. The trade was a 2.89% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $22.25, for a total value of $133,500,000.00. Following the completion of the sale, the insider directly owned 2,773,667 shares in the company, valued at approximately $61,714,090.75. This represents a 68.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.90% of the stock is owned by corporate insiders.

Institutional Trading of Concentrix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. increased its position in Concentrix by 13.4% in the 2nd quarter. Osaic Holdings Inc. now owns 2,222 shares of the company’s stock worth $118,000 after buying an additional 263 shares during the period. State of Wyoming grew its stake in shares of Concentrix by 6.2% in the fourth quarter. State of Wyoming now owns 5,029 shares of the company’s stock worth $209,000 after acquiring an additional 293 shares during the last quarter. Deutsche Bank AG increased its position in Concentrix by 4.7% during the fourth quarter. Deutsche Bank AG now owns 6,767 shares of the company’s stock worth $281,000 after acquiring an additional 303 shares during the period. Clearstead Advisors LLC raised its stake in Concentrix by 26.4% during the 3rd quarter. Clearstead Advisors LLC now owns 1,650 shares of the company’s stock valued at $76,000 after purchasing an additional 345 shares during the last quarter. Finally, Brevan Howard Capital Management LP raised its stake in Concentrix by 4.5% during the 2nd quarter. Brevan Howard Capital Management LP now owns 8,951 shares of the company’s stock valued at $473,000 after purchasing an additional 384 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

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.