Elevation Wealth Partners LLC Has $70,000 Stake in Concentrix Co. (NASDAQ:CNXC)

Elevation Wealth Partners LLC lowered its position in Concentrix Co. (NASDAQ:CNXC) by 27.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,628 shares of the company’s stock after selling 607 shares during the period. Elevation Wealth Partners LLC’s holdings in Concentrix were worth $70,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNXC. GAMMA Investing LLC grew its stake in Concentrix by 64.9% in the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after buying an additional 287 shares during the last quarter. KBC Group NV boosted its holdings in Concentrix by 68.3% during the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after acquiring an additional 815 shares during the period. Quest Partners LLC acquired a new stake in shares of Concentrix in the third quarter valued at about $146,000. Blue Trust Inc. increased its stake in shares of Concentrix by 62.4% in the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock worth $161,000 after purchasing an additional 1,204 shares during the period. Finally, Parametrica Management Ltd acquired a new position in shares of Concentrix during the 3rd quarter worth about $214,000. Institutional investors own 90.34% of the company’s stock.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group reduced their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Concentrix presently has a consensus rating of “Buy” and a consensus target price of $75.00.

Insider Activity

In other news, Director Kathryn Hayley bought 500 shares of the stock in a transaction on Wednesday, January 22nd. The stock was purchased at an average price of $50.22 per share, with a total value of $25,110.00. Following the completion of the purchase, the director now owns 3,034 shares of the company’s stock, valued at approximately $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 1,500 shares of company stock valued at $72,400 over the last three months. 3.10% of the stock is owned by insiders.

Concentrix Stock Down 0.6 %

NASDAQ CNXC opened at $47.79 on Monday. The stock’s 50 day simple moving average is $46.45 and its 200 day simple moving average is $52.95. Concentrix Co. has a one year low of $36.28 and a one year high of $85.36. The firm has a market cap of $3.08 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 0.66 and a beta of 0.67. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping the consensus estimate of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the prior year, the business earned $3.36 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. As a group, sell-side analysts forecast that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st will be given a dividend of $0.3328 per share. The ex-dividend date is Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.79%. Concentrix’s payout ratio is 35.85%.

Concentrix Company Profile

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.