VIRGINIA RETIREMENT SYSTEMS ET Al Increases Stake in Concentrix Corporation $CNXC

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in shares of Concentrix Corporation (NASDAQ:CNXC) by 85.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,851 shares of the company’s stock after acquiring an additional 22,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.08% of Concentrix worth $1,990,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Osaic Holdings Inc. raised its position in Concentrix by 13.4% during the second quarter. Osaic Holdings Inc. now owns 2,222 shares of the company’s stock valued at $118,000 after acquiring an additional 263 shares in the last quarter. Clearstead Advisors LLC increased its position in shares of Concentrix by 26.4% in the third quarter. Clearstead Advisors LLC now owns 1,650 shares of the company’s stock valued at $76,000 after buying an additional 345 shares in the last quarter. Brevan Howard Capital Management LP increased its position in shares of Concentrix by 4.5% in the second quarter. Brevan Howard Capital Management LP now owns 8,951 shares of the company’s stock valued at $473,000 after buying an additional 384 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Concentrix by 1.1% in the second quarter. California State Teachers Retirement System now owns 36,387 shares of the company’s stock valued at $1,923,000 after buying an additional 384 shares in the last quarter. Finally, Orion Porfolio Solutions LLC increased its position in shares of Concentrix by 7.5% in the third quarter. Orion Porfolio Solutions LLC now owns 5,679 shares of the company’s stock valued at $262,000 after buying an additional 398 shares in the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CNXC has been the subject of a number of recent analyst reports. Canaccord Genuity Group cut their price objective on Concentrix from $80.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Weiss Ratings restated a “sell (d)” rating on shares of Concentrix in a research report on Monday, April 27th. Robert W. Baird cut their price objective on Concentrix from $52.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, March 25th. Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, Barrington Research dropped their price target on Concentrix from $62.00 to $38.00 and set an “outperform” rating for the company in a research report on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $48.50.

Concentrix Stock Up 2.6%

Shares of CNXC opened at $24.03 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.18 and a current ratio of 1.18. Concentrix Corporation has a one year low of $22.05 and a one year high of $62.14. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -1.12, a PEG ratio of 0.29 and a beta of 0.37. The stock has a 50 day moving average price of $28.02 and a 200 day moving average price of $34.50.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Tuesday, March 24th. The company reported $2.61 EPS for the quarter, missing the consensus estimate of $2.65 by ($0.04). The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.79 earnings per share. Equities research analysts forecast that Concentrix Corporation will post 10.42 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Friday, April 24th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, April 24th. This represents a $1.44 dividend on an annualized basis and a yield of 6.0%. Concentrix’s payout ratio is -6.68%.

Insiders Place Their Bets

In related news, CFO Andre S. Valentine acquired 2,500 shares of the stock in a transaction on Thursday, April 9th. The shares were bought at an average price of $27.95 per share, with a total value of $69,875.00. Following the completion of the purchase, the chief financial officer owned 89,066 shares of the company’s stock, valued at approximately $2,489,394.70. This represents a 2.89% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the business’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $22.25, for a total value of $133,500,000.00. Following the transaction, the insider directly owned 2,773,667 shares in the company, valued at $61,714,090.75. This trade represents a 68.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.90% of the company’s stock.

Concentrix Company Profile

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology‐driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back‐office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.