Concentrix (NASDAQ:CNXC) Releases Quarterly Earnings Results, Misses Expectations By $0.06 EPS

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

Concentrix Trading Down 19.0 %

Shares of CNXC opened at $51.54 on Friday. Concentrix has a fifty-two week low of $51.02 and a fifty-two week high of $106.10. The company 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 has a fifty day moving average of $67.59 and a two-hundred day moving average of $63.67. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54.

Analyst Ratings Changes

Several research firms have weighed in on CNXC. Canaccord Genuity Group dropped their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday. Barrington Research dropped their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Bank of America cut their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.25.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at $2,188,674.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.00% of the company’s stock.

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.