Why Concentrix Corporation (CNXC) Shares Declined in the Third Quarter

Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the quarter, the fund returned -5.72% compared to a -4.61 % return for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the third-quarter letter, FPA discussed stocks like Concentrix Corporation (NASDAQ:CNXC). Based in Fremont, California, Concentrix Corporation (NASDAQ:CNXC) is a customer experience solutions and technology provider. On October 28, 2022, Concentrix Corporation (NASDAQ:CNXC) stock closed at $122.25 per share. One-month return of Concentrix Corporation (NASDAQ:CNXC) was 4.03% and its shares lost 31.93% of their value over the last 52 weeks. Concentrix Corporation (NASDAQ:CNXC) has a market capitalization of $6.317 billion.

FPA made the following comment about Concentrix Corporation (NASDAQ:CNXC) in its Q3 2022 investor letter:

Concentrix Corporation (NASDAQ:CNXC) is a customer experience solutions provider that has expanded from call centers to a wider suite of customer engagement products and solutions. We followed the company for years as part of Synnex (it was spun out in December 2020) and have always been impressed with its consistent growth, customer wins and product expansions. The share price nearly doubled in 2021 following the spin and we believe that this year’s reversal is a response to moderating growth and a valuation that got ahead of itself.”

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Concentrix Corporation (NASDAQ:CNXC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Concentrix Corporation (NASDAQ:CNXC) at the end of the second quarter, which was 23 in the previous quarter.

We discussed Concentrix Corporation (NASDAQ:CNXC) in another article and shared the top stock picks of Gavin Abrams’ Abrams Bison Investments. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.