Concentrix (NASDAQ:CNXC) Posts Earnings Results, Beats Estimates By $0.25 EPS

Concentrix (NASDAQ:CNXC) announced its quarterly earnings results on Sunday. The company reported $2.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.24 by $0.25, MarketWatch Earnings reports.

NASDAQ CNXC traded up $4.65 during trading on Tuesday, reaching $172.04. The company’s stock had a trading volume of 6,748 shares, compared to its average volume of 202,506. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market capitalization of $8.98 billion and a PE ratio of 29.38. The firm has a fifty day moving average of $166.33 and a 200 day moving average of $157.41. Concentrix has a one year low of $80.00 and a one year high of $177.74.

Several analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Concentrix from a “sell” rating to a “hold” rating in a report on Tuesday, August 17th. Barrington Research initiated coverage on shares of Concentrix in a research report on Tuesday, June 15th. They issued an “outperform” rating and a $182.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $146.75.

In related news, EVP Richard Rosso sold 3,000 shares of the firm’s stock in a transaction on Wednesday, July 7th. The shares were sold at an average price of $161.38, for a total transaction of $484,140.00. Following the completion of the sale, the executive vice president now directly owns 28,130 shares of the company’s stock, valued at approximately $4,539,619.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Dennis Polk sold 7,000 shares of Concentrix stock in a transaction dated Wednesday, July 7th. The shares were sold at an average price of $162.21, for a total transaction of $1,135,470.00. Following the completion of the sale, the director now owns 33,084 shares in the company, valued at $5,366,555.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,000 shares of company stock valued at $3,234,960. Company insiders own 0.93% of the company’s stock.

A hedge fund recently bought a new stake in Concentrix stock. Morgan Stanley bought a new position in Concentrix Co. (NASDAQ:CNXC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 194,242 shares of the company’s stock, valued at approximately $31,235,000. Morgan Stanley owned about 0.37% of Concentrix as of its most recent SEC filing. Hedge funds and other institutional investors own 75.70% of the company’s stock.

About Concentrix

Concentrix Corporation provides technology-infused customer experience solutions worldwide. It provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services. The company also offers customer lifecycle management; customer experience/user experience strategy and design; digital transformation; and voice of the customer and analytics solutions.

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