Concentrix (NASDAQ:CNXC) Announces Earnings Results, Beats Expectations By $0.21 EPS

Concentrix (NASDAQ:CNXC) posted its earnings results on Wednesday. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21, Briefing.com reports. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. Concentrix’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.57 earnings per share.

Concentrix Stock Performance

NASDAQ CNXC traded up $15.29 on Thursday, reaching $60.97. 1,248,164 shares of the stock were exchanged, compared to its average volume of 636,956. The firm has a market capitalization of $3.92 billion, a PE ratio of 16.39, a PEG ratio of 0.63 and a beta of 0.69. Concentrix has a one year low of $36.28 and a one year high of $77.00. The company’s 50-day simple moving average is $47.58 and its two-hundred day simple moving average is $47.73. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s dividend payout ratio is 35.85%.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the transaction, the executive vice president now owns 41,111 shares in the company, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CNXC shares. Bank of America increased their price objective on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday. Barrington Research reduced their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday. Finally, Canaccord Genuity Group dropped their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $69.60.

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.