Principal Financial Group Inc. Trims Holdings in Concentrix Co. (NASDAQ:CNXC)

Principal Financial Group Inc. reduced its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 30.1% in the third quarter, HoldingsChannel reports. The fund owned 109,029 shares of the company’s stock after selling 47,014 shares during the period. Principal Financial Group Inc.’s holdings in Concentrix were worth $5,588,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. GAMMA Investing LLC increased its stake in shares of Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in Concentrix during the 2nd quarter valued at approximately $68,000. Quarry LP raised its stake in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after buying an additional 1,101 shares during the last quarter. Quest Partners LLC bought a new stake in Concentrix in the third quarter worth $146,000. Finally, Blue Trust Inc. boosted its holdings in 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 acquiring an additional 1,204 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

Concentrix Trading Up 0.8 %

Shares of CNXC stock opened at $43.27 on Thursday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $106.10. The stock has a market capitalization of $2.80 billion, a P/E ratio of 14.05, a P/E/G ratio of 0.56 and a beta of 0.63. The firm’s 50 day moving average is $42.85 and its 200 day moving average is $56.05.

Insider Activity

In other news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the sale, the chief executive officer now owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This represents a 3.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 11,323 shares of company stock valued at $584,362 in the last ninety days. 3.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Concentrix 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.