Concentrix (NASDAQ:CNXC) Given New $80.00 Price Target at Canaccord Genuity Group

Concentrix (NASDAQ:CNXC) had its price objective lowered by Canaccord Genuity Group from $100.00 to $80.00 in a report released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also weighed in on CNXC. Bank of America reduced their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Robert W. Baird began coverage on Concentrix in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target for the company. 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 note on Thursday, September 26th. Finally, Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $75.00.

Concentrix Stock Performance

Shares of CNXC stock opened at $48.78 on Thursday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The company’s fifty day moving average price is $43.34 and its 200-day moving average price is $54.98. The stock has a market cap of $3.16 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 0.60 and a beta of 0.63. Concentrix has a 12 month low of $36.28 and a 12 month high of $106.10.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the prior year, the company earned $3.36 earnings per share. The business’s revenue was up 9.7% compared to the same quarter last year. On average, equities analysts expect that Concentrix will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Friday, January 31st. Concentrix’s payout ratio is currently 43.18%.

Hedge Funds Weigh In On Concentrix

A number of hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in shares of Concentrix by 64.9% during the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after acquiring an additional 287 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in Concentrix during the second quarter valued at approximately $68,000. Quarry LP boosted its holdings in Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after purchasing an additional 1,101 shares during the last quarter. Quest Partners LLC bought a new stake in Concentrix in the 3rd quarter worth approximately $146,000. Finally, Blue Trust Inc. raised its stake in Concentrix by 62.4% during the 3rd quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock valued at $161,000 after buying an additional 1,204 shares during the last quarter. Hedge funds and other 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.