Concentrix (NASDAQ:CNXC) Announces Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Concentrix (NASDAQ:CNXC) announced its quarterly earnings results on Wednesday. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06), Briefing.com reports. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the firm earned $2.54 earnings per share. The company’s quarterly revenue was up 46.2% on a year-over-year basis.

Concentrix Stock Down 19.0 %

Shares of Concentrix stock opened at $51.54 on Friday. Concentrix has a 1-year low of $51.02 and a 1-year high of $106.10. The company has a market capitalization of $3.35 billion, a PE ratio of 11.93, a P/E/G ratio of 0.67 and a beta of 0.61. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56. The business has a 50-day moving average of $67.59 and a 200-day moving average of $63.67.

Analysts Set New Price Targets

CNXC has been the subject of a number of research reports. Bank of America decreased their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday. Barrington Research dropped their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Canaccord Genuity Group reduced their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Concentrix currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

Insider Buying and Selling

In other news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 3.00% of the company’s stock.

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.