Concentrix EVP Cormac Twomey sells $22,025 in stock

Concentrix Corp's (NASDAQ:CNXC) Executive Vice President of Global Operations & Delivery, Cormac J. Twomey, recently sold a portion of his holdings in the company. According to a regulatory filing, Twomey sold 500 shares of Concentrix common stock on December 30 for a total value of $22,025. The shares were sold at an average price of $44.05 each. Following this transaction, Twomey retains ownership of 23,936 shares. With a market capitalization of $2.8 billion and a P/E ratio of 14.1x, InvestingPro subscribers can access 8 additional key insights about CNXC's valuation and growth prospects.

This sale was carried out under a Rule 10b5-1 trading plan, which Twomey adopted on January 29, 2024. Rule 10b5-1 plans allow company insiders to set up a predetermined schedule for selling stocks, providing a defense against potential accusations of insider trading. Despite the recent insider sale, the company maintains strong fundamentals with a current ratio of 1.57, indicating healthy liquidity. Get the full picture with CNXC's comprehensive Pro Research Report, available exclusively on InvestingPro.

In other recent news, Concentrix Corporation reported a 2.6% revenue increase in its third-quarter fiscal year 2024 earnings, reaching $2.4 billion. This growth was primarily driven by sectors such as retail, travel, and e-commerce. However, the company's adjusted operating income and adjusted EPS fell short of expectations due to higher than anticipated selling, general, and administrative costs.

Concentrix also announced significant changes to its stock incentive plan, including an increase of 3,000,000 shares to the number of authorized shares under the plan and the removal of the evergreen provision. The company also amended its certificate of incorporation to eliminate the supermajority voting requirement, a move towards more democratic corporate governance practices.

In terms of analyst coverage, Baird initiated coverage on Concentrix shares with an Outperform rating, citing the company's attractive valuation and growth prospects. Scotiabank (TSX:BNS) and Canaccord Genuity also maintained their positive ratings on the company's stock, despite the revised profit guidance for the fourth quarter and full-year 2024.

In addition to these developments, Concentrix launched iX Hello, an AI productivity tool aimed at enhancing operational efficiency, and secured a significant five-year contract worth over $150 million with a financial organization. Looking ahead, Concentrix expects Q4 2023 revenue to be between $2.42 billion and $2.47 billion, and full-year 2024 revenue projection is between $9.591 billion and $9.641 billion.

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