Concentrix Inc (NASDAQ:CNXC) Reports Quarterly Earnings, $0.02 EPS Estimates Missing –

On Wednesday, Concentrix (NASDAQ: CNXC) released its prior quarter earnings report. Briefing.com reports that the company’s quarterly earnings per share came in at $2.95, $0.02 shy of the average forecast of $2.97 for the quarter. Concentrix had a return on equity of 20.87% and the company’s net margin was 7.66% of revenue. Actual sales for the quarter were $1.58 billion, less than the $1.59 billion that analysts had anticipated would be generated from sales for the period. The company posted earnings of $2.35 per share in the same period a year earlier. During the fiscal third quarter of the year, Concentrix saw revenue increase 13.1% over the prior year period.
Separately, on Tuesday, July 5, Barrington Research said Concentrix’s stock price target would drop from $202.00 to $183.00, but the company would still have an “outperform” rating.
NASDAQ: CNXC was first available for trading on Thursday with an opening price of $117.47. The company’s market capitalization is $6.11 billion, and it has a price-to-earnings ratio of 13.56, a price-to-earnings-to-growth ratio of 0.73, and a beta value of 0.51. In the past year, the lowest price Concentrix reached was $112.99 and its highest price was $208.58. The company’s moving average price over the past fifty days is $128.09, and the company’s moving average price over the past two hundred days is $145.24. The debt ratio, the current ratio and the quick ratio all have the same value of 1.59. Therefore, the debt ratio is the same as the current and quick ratios.
In other news relevant to this discussion and related to this topic, major shareholder Star Developments Ltd. Silver completed the sale of 524,691 shares of the company on trading day Tuesday, July 19. The total amount obtained from the sale of shares was $65,586,375.00, which corresponds to an average price of $125.00 per share. The insider of the company now directly owns 4,415,535 shares of the company, which have a value of $551,941,875, as a direct result of the transaction. The Securities and Exchange Commission has received legal documentation on the transaction, which can be viewed in full by following the link provided in the previous sentence. The documentation has been provided to the SEC. In other news relevant to this discussion and related to this topic, major shareholder Star Developments Ltd. Silver completed the sale of 524,691 shares of the company on trading day Tuesday, July 19. The total amount obtained from the sale of shares was $65,586,375.00, which corresponds to an average price of $125.00 per share. The insider of the company now directly owns 4,415,535 shares of the company, which have a value of $551,941,875, as a direct result of the transaction. The Securities and Exchange Commission has received legal documentation on the transaction, which can be viewed in full by following the link provided in the previous sentence. The documentation has been provided to the SEC. Another director, Dennis Polk, sold 10,000 shares of the company on Friday, July 1, bringing the total number of shares sold to 10,000. Trading volume reached a total of $1,332,900.00 due to the sale of the shares at an average price of $133.29 per share, which resulted in the sale of the shares. The administrator now has direct ownership of 18,282 shares, which have a combined value of $2,436,807.78 following the successful sale. Disclosures related to the sale can be found in this section of the website. Company insiders have sold 549,596 shares of the company in the last three and a half months, bringing in a total of $68,915,729. The current percentage of ownership of the company held by insiders of the company is 0.98%.
In recent weeks, several hedge funds and other institutional investors have been very active in the market, buying and selling shares of the company under discussion. During the second quarter, Captrust Financial Advisors increased its investment in Concentrix by 213.9%, bringing its total percentage of shares in the company to a total of 0.1. During the last fiscal quarter, Captrust Financial Advisors purchased an additional 7,212 shares of the company. This brought the total number of shares held by the company to 10,583, worth $1,436,000. Additionally, Goldman Sachs Group Inc. increased the proportion of Concentrix shares it held by 4.3% during the second quarter. Goldman Sachs Group Inc. now owns 162,749 shares of the company, which are worth $22,075,000 after purchasing 6,673 additional shares of the company in the last fiscal quarter. This brings the total number of shares held by the company to 162,749. During the second quarter, Utah Retirement Systems achieved a 4.5% increase in the proportion of Concentrix shares it held. Utah Retirement Systems now owns 2,300 shares of the company, with a combined total value of $312,000, thanks to the purchase of 100 additional shares during the previous quarter. T. Rowe Price Associates MD purchased 1,657.6% more shares of Concentrix in the second quarter than in the first. T. Inc. Rowe Price Associates MD now directly owns 376,551 shares of the company following the acquisition of 355,127 additional shares during the last fiscal quarter. The current market value of these shares is $51,075,000. And finally, during the second quarter, State Street Corporation realized a 0.6% increase in the proportion of Concentrix shares it held. Following the acquisition of an additional 6,559 shares in the previous quarter, State Street Corporation now owns a total of 1,138,569 shares of the company, which have a combined value of $154,435,000. Currently, institutional investors such as hedge funds and other financial organizations own 93.24% of the company’s shares.
Solutions offered by Concentrix Corporation, which is a global supplier, can be found all over the world. These solutions aim to improve the customer experience (CX). The company provides a wide range of services, such as front and back office automation, analytics, business transformation and process optimization, to improve the level of satisfaction their customers derive from their interactions. with them. Additionally, it also offers solutions for customer lifecycle management, digital transformation, analytics, user experience, and customer experience strategy and design.