nVerses Capital LLC Acquires 2,200 Shares of Concentrix Co. (NASDAQ:CNXC)

nVerses Capital LLC boosted its holdings in Concentrix Co. (NASDAQ:CNXC) by 71.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,300 shares of the company’s stock after acquiring an additional 2,200 shares during the quarter. nVerses Capital LLC’s holdings in Concentrix were worth $272,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after buying an additional 1,034,546 shares during the last quarter. Impactive Capital LP lifted its stake in Concentrix by 13.0% during the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after acquiring an additional 443,045 shares in the last quarter. Capital International Investors boosted its holdings in Concentrix by 0.3% during the 1st quarter. Capital International Investors now owns 2,525,762 shares of the company’s stock worth $167,256,000 after acquiring an additional 7,333 shares during the last quarter. Pzena Investment Management LLC grew its stake in shares of Concentrix by 46.6% in the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock worth $93,965,000 after acquiring an additional 471,699 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new stake in shares of Concentrix in the second quarter valued at about $62,738,000. Institutional investors and hedge funds own 90.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Bank of America cut their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Robert W. Baird began coverage on Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price on the stock. Barrington Research reduced their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Canaccord Genuity Group dropped their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Finally, Baird R W raised Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $79.00.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the sale, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Concentrix news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the transaction, the executive vice president now owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the sale, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,167 shares of company stock worth $653,747 over the last quarter. Corporate insiders own 3.00% of the company’s stock.

Concentrix Trading Down 2.5 %

Shares of CNXC stock opened at $49.06 on Friday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm has a market cap of $3.21 billion, a P/E ratio of 11.36, a PEG ratio of 0.68 and a beta of 0.58. The company has a 50 day moving average of $62.36 and a 200-day moving average of $62.24. Concentrix Co. has a 12-month low of $45.61 and a 12-month high of $106.10.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. Concentrix’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same period last year, the company posted $2.54 earnings per share. Sell-side analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be given a dividend of $0.333 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is currently 30.79%.

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.