Concentrix (NASDAQ:CNXC) Announces Earnings Results

Concentrix (NASDAQ:CNXC) posted its quarterly earnings data on Wednesday. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06), Briefing.com reports. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. Concentrix’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.54 EPS.

Concentrix Trading Down 19.0 %

Shares of CNXC opened at $51.54 on Friday. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. Concentrix has a 12-month low of $51.02 and a 12-month high of $106.10. The firm has a market capitalization of $3.35 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 0.67 and a beta of 0.61. The stock’s fifty day simple moving average is $67.59 and its 200-day simple moving average is $63.67.

Insider Activity

In other news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the transaction, the executive vice president now owns 29,727 shares of the company’s stock, valued at $1,998,546.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on CNXC. Bank of America reduced their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday. Barrington Research reduced their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Canaccord Genuity Group reduced their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Concentrix currently has a consensus rating of “Moderate Buy” and an average target price of $81.25.

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.