Concentrix (NASDAQ:CNXC) Announces Quarterly Earnings Results

Concentrix (NASDAQ:CNXC) announced its quarterly earnings data on Wednesday. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21, Briefing.com reports. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the previous year, the company posted $2.57 EPS. The firm’s revenue was down 1.3% on a year-over-year basis.

Concentrix Trading Up 42.4 %

CNXC opened at $65.04 on Friday. Concentrix has a 12 month low of $36.28 and a 12 month high of $77.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a 50-day moving average of $47.90 and a 200 day moving average of $47.85. The firm has a market cap of $4.18 billion, a P/E ratio of 17.53, a P/E/G ratio of 0.63 and a beta of 0.69.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be issued a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix’s payout ratio is 35.85%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Barrington Research dropped their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday. Canaccord Genuity Group cut their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, Bank of America upped their target price on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $69.60.

Insider Activity

In related news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the sale, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.20% 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.