Short Interest in Concentrix Co. (NASDAQ:CNXC) Expands By 7.4%

Concentrix Co. (NASDAQ:CNXC) was the recipient of a significant growth in short interest in December. As of December 15th, there was short interest totalling 6,800,000 shares, a growth of 7.4% from the November 30th total of 6,330,000 shares. Based on an average trading volume of 868,900 shares, the short-interest ratio is currently 7.8 days. Currently, 14.8% of the company’s shares are sold short.

Analysts Set New Price Targets

Several research firms have recently commented on CNXC. Canaccord Genuity Group reduced their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Robert W. Baird began coverage on Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target on the stock. Bank of America reduced their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Finally, Barrington Research dropped their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. One investment 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $79.00.

Insider Activity

In related news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 11,323 shares of company stock valued at $584,362. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its holdings in shares of Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after buying an additional 18,304 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Concentrix in the 3rd quarter valued at $1,243,000. Raymond James & Associates raised its stake in Concentrix by 73.3% in the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock worth $2,835,000 after acquiring an additional 23,387 shares during the last quarter. State of Alaska Department of Revenue lifted its position in Concentrix by 24.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock worth $3,319,000 after acquiring an additional 12,870 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Concentrix during the 3rd quarter valued at about $1,255,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Concentrix Stock Up 1.4 %

Shares of CNXC traded up $0.59 during midday trading on Thursday, hitting $43.86. 41,952 shares of the company’s stock traded hands, compared to its average volume of 580,326. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 0.56 and a beta of 0.63. Concentrix has a 1 year low of $36.28 and a 1 year high of $106.10. The firm’s fifty day moving average is $42.85 and its 200-day moving average is $56.05.

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.