Bank of America Lowers Concentrix (NASDAQ:CNXC) Price Target to $70.00

Concentrix (NASDAQ:CNXC) had its price target cut by Bank of America from $85.00 to $70.00 in a research note published on Thursday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also issued reports on the company. Barrington Research lowered their price target on Concentrix from $84.00 to $70.00 and set an outperform rating for the company in a report on Thursday. Canaccord Genuity Group decreased their target price on Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research report on Thursday. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $81.25.

Concentrix Stock Performance

CNXC stock opened at $51.56 on Thursday. Concentrix has a twelve month low of $50.23 and a twelve month high of $106.10. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.68 and a beta of 0.61. The business’s fifty day simple moving average is $67.29 and its two-hundred day simple moving average is $63.58. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The company’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.54 EPS. Analysts predict that Concentrix will post 10.8 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be issued a $0.333 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.58%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is currently 28.01%.

Insider Activity

In related news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the transaction, the executive vice president now owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.00% of the company’s stock.

Institutional Trading of Concentrix

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of Concentrix in the 2nd quarter worth $1,445,000. Vanguard Group Inc. boosted its position in Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after purchasing an additional 1,034,546 shares in the last quarter. Natixis purchased a new position in Concentrix in the first quarter valued at about $542,000. Tweedy Browne Co LLC raised its holdings in Concentrix by 21.6% in the first quarter. Tweedy Browne Co LLC now owns 173,338 shares of the company’s stock worth $11,478,000 after purchasing an additional 30,798 shares in the last quarter. Finally, Groupe Bruxelles Lambert purchased a new stake in shares of Concentrix during the fourth quarter valued at about $861,662,000. Institutional investors own 90.34% 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.