Concentrix (NASDAQ:CNXC) Shares Gap Up to $58.02

Concentrix Co. (NASDAQ:CNXC)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $58.02, but opened at $66.09. Concentrix shares last traded at $62.00, with a volume of 62,184 shares traded.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $125.00 target price on shares of Concentrix in a research report on Thursday. Bank of America reaffirmed an “underperform” rating and issued a $60.00 price objective (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Scotiabank dropped their price objective on shares of Concentrix from $120.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Monday, April 29th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $84.00 price objective on shares of Concentrix in a report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Concentrix currently has an average rating of “Hold” and a consensus target price of $84.80.

Concentrix Price Performance

The stock’s fifty day moving average is $60.07 and its 200-day moving average is $73.62. The stock has a market capitalization of $4.22 billion, a PE ratio of 12.78, a P/E/G ratio of 0.69 and a beta of 0.60. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.56.

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

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell acquired 900 shares of Concentrix stock in a transaction on Friday, April 19th. The stock was bought at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the transaction, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have bought 1,679 shares of company stock valued at $98,546. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Concentrix

A number of large investors have recently added to or reduced their stakes in the stock. Boston Partners raised its position in Concentrix by 4.1% during the first quarter. Boston Partners now owns 365,515 shares of the company’s stock worth $23,783,000 after acquiring an additional 14,289 shares during the period. Bayesian Capital Management LP acquired a new position in Concentrix during the first quarter worth $658,000. Impactive Capital LP raised its position in Concentrix by 13.0% during the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock worth $254,707,000 after acquiring an additional 443,045 shares during the period. Price T Rowe Associates Inc. MD raised its position in Concentrix by 4.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,796 shares of the company’s stock worth $1,908,000 after acquiring an additional 1,353 shares during the period. Finally, Capital International Sarl raised its position in Concentrix by 7.3% during the first quarter. Capital International Sarl now owns 17,236 shares of the company’s stock worth $1,141,000 after acquiring an additional 1,180 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.