Virtu Financial LLC Acquires Shares of 20,348 Concentrix Corporation (NASDAQ:CNXC)

Virtu Financial LLC acquired a new stake in shares of Concentrix Corporation (NASDAQ:CNXC) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 20,348 shares of the company’s stock, valued at approximately $1,132,000.

Several other large investors have also bought and sold shares of the company. UMB Bank n.a. boosted its position in shares of Concentrix by 47.3% in the 1st quarter. UMB Bank n.a. now owns 676 shares of the company’s stock worth $38,000 after purchasing an additional 217 shares in the last quarter. First Horizon Advisors Inc. boosted its position in shares of Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock worth $47,000 after purchasing an additional 444 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Concentrix by 47.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company’s stock worth $84,000 after purchasing an additional 483 shares in the last quarter. Quarry LP boosted its position in shares of Concentrix by 843.9% in the 4th quarter. Quarry LP now owns 2,539 shares of the company’s stock worth $110,000 after purchasing an additional 2,270 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Concentrix by 36.5% in the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock worth $114,000 after purchasing an additional 548 shares in the last quarter. 90.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CNXC has been the topic of a number of analyst reports. Robert W. Baird boosted their price target on Concentrix from $62.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, June 26th. Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 price target on shares of Concentrix in a research report on Monday, June 30th. Bank of America decreased their price objective on shares of Concentrix from $65.00 to $61.00 and set a “neutral” rating for the company in a report on Friday, June 27th. Barrington Research reaffirmed an “outperform” rating and issued a $54.00 price objective on shares of Concentrix in a research report on Tuesday, June 24th. Finally, Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a research report on Saturday, June 21st. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Concentrix currently has an average rating of “Moderate Buy” and a consensus price target of $66.75.

Concentrix Stock Performance

CNXC stock opened at $45.94 on Tuesday. The stock has a market capitalization of $2.90 billion, a PE ratio of 12.62, a price-to-earnings-growth ratio of 0.63 and a beta of 0.53. Concentrix Corporation has a 12-month low of $36.28 and a 12-month high of $77.00. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. The stock’s 50 day simple moving average is $55.04 and its 200 day simple moving average is $51.66.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.54% and a return on equity of 16.31%. Concentrix’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.69 earnings per share. As a group, research analysts forecast that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were issued a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix’s dividend payout ratio is presently 36.54%.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the transaction, the executive vice president directly owned 37,130 shares of the company’s stock, valued at $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.20% of the stock is owned by insiders.

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.