Concentrix (NASDAQ:CNXC) Stock Price Down 6.1% – Time to Sell?

Shares of Concentrix Corporation (NASDAQ:CNXC) were down 6.1% on Monday . The stock traded as low as $41.50 and last traded at $41.39. Approximately 183,121 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 730,307 shares. The stock had previously closed at $44.06.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Robert W. Baird decreased their target price on shares of Concentrix from $75.00 to $62.00 and set an “outperform” rating on the stock in a research note on Monday, September 29th. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price objective on shares of Concentrix in a research report on Tuesday, September 23rd. Barrington Research reiterated an “outperform” rating and set a $62.00 target price on shares of Concentrix in a report on Monday. Wall Street Zen raised Concentrix from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings upgraded Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.25.

Concentrix Stock Performance

The company has a 50-day simple moving average of $38.41 and a two-hundred day simple moving average of $46.88. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $2.52 billion, a P/E ratio of 8.56, a PEG ratio of 0.59 and a beta of 0.48.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell bought 1,000 shares of Concentrix stock in a transaction dated Friday, October 31st. The shares were purchased at an average cost of $40.00 per share, with a total value of $40,000.00. Following the transaction, the chief executive officer directly owned 287,661 shares of the company’s stock, valued at $11,506,440. This represents a 0.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Concentrix

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in shares of Concentrix by 1.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,380,821 shares of the company’s stock worth $202,175,000 after purchasing an additional 75,352 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Concentrix by 18.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,939,492 shares of the company’s stock valued at $89,515,000 after buying an additional 301,550 shares during the last quarter. State Street Corp boosted its holdings in Concentrix by 8.7% in the second quarter. State Street Corp now owns 1,622,854 shares of the company’s stock worth $85,776,000 after acquiring an additional 130,529 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in Concentrix by 3.1% in the second quarter. 1832 Asset Management L.P. now owns 1,544,997 shares of the company’s stock worth $81,661,000 after acquiring an additional 46,856 shares in the last quarter. Finally, Invenomic Capital Management LP grew its stake in shares of Concentrix by 19.7% in the third quarter. Invenomic Capital Management LP now owns 822,345 shares of the company’s stock worth $37,951,000 after acquiring an additional 135,429 shares during the last quarter. Institutional investors own 90.34% 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.