Barrington Research Cuts Concentrix (NASDAQ:CNXC) Price Target to $70.00

Concentrix (NASDAQ:CNXC) had its price target cut by Barrington Research from $84.00 to $70.00 in a research note released on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research note on Thursday. Bank of America raised Concentrix from an underperform rating to a neutral rating and increased their price target for the company from $65.00 to $85.00 in a research report on Wednesday, August 28th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Concentrix presently has a consensus rating of Moderate Buy and a consensus price target of $81.25.

Concentrix Stock Up 0.0 %

Shares of Concentrix stock opened at $51.56 on Thursday. The firm has a market cap of $3.37 billion, a PE ratio of 11.94, a P/E/G ratio of 0.68 and a beta of 0.61. The business’s 50 day simple moving average is $67.29 and its 200 day simple moving average is $63.58. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. Concentrix has a 52-week low of $50.23 and a 52-week high of $106.10.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) 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 analyst estimates of $2.38 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. Concentrix’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same quarter last year, the business earned $2.54 earnings per share. On average, analysts predict that Concentrix will post 10.8 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently announced 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. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.58%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, October 25th. Concentrix’s dividend payout ratio is presently 30.79%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Concentrix

A number of large investors have recently added to or reduced their stakes in the business. Pineridge Advisors LLC bought a new position in Concentrix during the fourth quarter worth $35,000. Hexagon Capital Partners LLC lifted its stake in shares of Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after buying an additional 389 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after buying an additional 402 shares during the period. First Horizon Advisors Inc. grew its stake in Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after buying an additional 285 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. bought a new position in Concentrix in the 2nd quarter valued at about $68,000. 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.