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

Concentrix (NASDAQ:CNXC) had its price target dropped by analysts at Barrington Research from $84.00 to $70.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Barrington Research’s price objective would indicate a potential upside of 31.70% from the company’s previous close.

Several other research analysts have also issued reports on the company. Bank of America raised Concentrix from an “underperform” rating to a “neutral” rating and upped their target price for the company from $65.00 to $85.00 in a research report on Wednesday, August 28th. Canaccord Genuity Group cut their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Concentrix has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

Concentrix Stock Down 16.5 %

Shares of CNXC stock traded down $10.47 during mid-day trading on Thursday, hitting $53.15. 2,092,295 shares of the stock traded hands, compared to its average volume of 492,262. Concentrix has a 52-week low of $51.78 and a 52-week high of $106.10. The stock has a market cap of $3.45 billion, a P/E ratio of 12.30, a P/E/G ratio of 0.67 and a beta of 0.61. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56. The stock’s fifty day moving average is $67.93 and its two-hundred day moving average is $63.76.

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

Insider Activity

In related news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the completion of the sale, the executive vice president now owns 29,727 shares of the company’s stock, valued at $1,998,546.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 1,200 shares of company stock valued at $82,028. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Hexagon Capital Partners LLC boosted its holdings in Concentrix by 2,992.3% in the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after purchasing an additional 389 shares during the last quarter. GAMMA Investing LLC grew its holdings in Concentrix by 1,005.0% during the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after acquiring an additional 402 shares during the period. Pineridge Advisors LLC purchased a new position in Concentrix during the fourth quarter valued at approximately $35,000. First Horizon Advisors Inc. lifted its holdings in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after acquiring an additional 285 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in Concentrix in the 2nd quarter worth approximately $68,000. 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.