Brokerages Set Concentrix Co. (NASDAQ:CNXC) Price Target at $79.00

Shares of Concentrix Co. (NASDAQ:CNXC) have received a consensus recommendation of “Buy” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $79.00.

Several analysts have recently commented on CNXC shares. Robert W. Baird started coverage on Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Canaccord Genuity Group lowered their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. Bank of America cut their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Barrington Research dropped their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th.

Concentrix Price Performance

Shares of CNXC opened at $41.89 on Tuesday. The business’s fifty day moving average is $43.64 and its 200 day moving average is $56.90. Concentrix has a 12-month low of $36.28 and a 12-month high of $106.10. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The stock has a market cap of $2.72 billion, a P/E ratio of 13.60, a P/E/G ratio of 0.56 and a beta of 0.63.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period last year, the business posted $2.54 earnings per share. Sell-side analysts anticipate that Concentrix will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a dividend of $0.333 per share. The ex-dividend date of this dividend was Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 3.18%. Concentrix’s dividend payout ratio (DPR) is currently 43.18%.

Insider Buying and Selling

In other news, EVP Cormac J. Twomey sold 1,544 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the sale, the executive vice president now owns 27,783 shares in the company, valued at $1,427,490.54. This trade represents a 5.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,367 shares of company stock valued at $641,668. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. boosted its position in Concentrix by 1,202.7% during the second quarter. Blue Trust Inc. now owns 1,928 shares of the company’s stock worth $128,000 after purchasing an additional 1,780 shares during the period. Raymond James & Associates lifted its stake in shares of Concentrix by 6.0% during the 2nd quarter. Raymond James & Associates now owns 31,926 shares of the company’s stock valued at $2,020,000 after buying an additional 1,804 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after buying an additional 285 shares during the period. Pallas Capital Advisors LLC purchased a new position in Concentrix in the 2nd quarter valued at approximately $288,000. Finally, Fifth Third Bancorp raised its holdings in Concentrix by 51.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,573 shares of the company’s stock valued at $100,000 after acquiring an additional 536 shares during the period. Institutional investors own 90.34% of the company’s stock.

Concentrix Company Profile

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.