Brokerages Set Concentrix Co. (NASDAQ:CNXC) Target Price at $84.80

Shares of Concentrix Co. (NASDAQ:CNXC) have been given a consensus recommendation of “Hold” by the five research firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $84.80.

Several equities research analysts have weighed in on CNXC shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $125.00 price target on shares of Concentrix in a research note on Thursday. Bank of America reaffirmed an “underperform” rating and issued a $60.00 price target (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. Barrington Research reaffirmed an “outperform” rating and issued a $84.00 price target on shares of Concentrix in a research note on Friday, June 21st. Finally, Scotiabank decreased their price target on shares of Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th.

Insider Buying and Selling

In other Concentrix news, CEO Christopher A. Caldwell bought 900 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were bought at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the acquisition, the chief executive officer now directly owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have acquired 1,679 shares of company stock worth $98,546 in the last quarter. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNXC. Russell Investments Group Ltd. grew its position in shares of Concentrix by 78.3% during the 4th quarter. Russell Investments Group Ltd. now owns 102,454 shares of the company’s stock valued at $10,062,000 after acquiring an additional 44,979 shares during the period. Phocas Financial Corp. bought a new position in shares of Concentrix during the 4th quarter valued at approximately $3,604,000. Copeland Capital Management LLC bought a new position in shares of Concentrix during the 4th quarter valued at approximately $40,339,000. Blue Trust Inc. grew its position in shares of Concentrix by 29.8% during the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after acquiring an additional 264 shares during the period. Finally, Valley Wealth Managers Inc. grew its position in shares of Concentrix by 113.2% during the 4th quarter. Valley Wealth Managers Inc. now owns 205,530 shares of the company’s stock valued at $20,185,000 after acquiring an additional 109,129 shares during the period. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Price Performance

CNXC stock opened at $63.28 on Thursday. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 0.73 and a beta of 0.60. 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 has a 12-month low of $53.89 and a 12-month high of $106.10. The company’s fifty day simple moving average is $60.39 and its 200 day simple moving average is $73.19.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 6th. Investors of record on Friday, July 26th will be issued a $0.303 dividend. The ex-dividend date is Friday, July 26th. This represents a $1.21 dividend on an annualized basis and a dividend yield of 1.92%. Concentrix’s dividend payout ratio is presently 28.01%.

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.