Concentrix (NASDAQ:CNXC) PT Lowered to $100.00

Concentrix (NASDAQ:CNXC) had its price objective dropped by equities researchers at Canaccord Genuity Group from $125.00 to $100.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 84.98% from the company’s previous close.

A number of other brokerages have also recently commented on CNXC. Barrington Research reiterated an “outperform” rating and issued a $84.00 price target on shares of Concentrix in a research note on Friday, September 20th. Bank of America upgraded Concentrix from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $65.00 to $85.00 in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.50.

Concentrix Stock Down 15.0 %

CNXC traded down $9.56 on Thursday, hitting $54.06. 1,919,503 shares of the company were exchanged, compared to its average volume of 491,333. The stock’s fifty day moving average is $67.93 and its 200-day moving average is $63.76. The company has a market cap of $3.51 billion, a PE ratio of 12.38, a PEG ratio of 0.67 and a beta of 0.61. 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 12 month low of $51.76 and a 12 month high of $106.10.

Concentrix (NASDAQ:CNXC) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the company posted $2.54 earnings per share. The firm’s revenue was up 46.2% on a year-over-year basis. Equities research analysts predict that Concentrix will post 10.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the 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 directly owns 29,727 shares in the company, valued at approximately $1,998,546.21. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 1,200 shares of company stock worth $82,028. Company insiders own 3.00% of the company’s stock.

Institutional Trading of Concentrix

A number of large investors have recently bought and sold shares of CNXC. Groupe Bruxelles Lambert acquired a new stake in Concentrix during the 4th quarter worth about $861,662,000. Vanguard Group Inc. grew its stake in shares of Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after buying an additional 1,034,546 shares during the period. 1832 Asset Management L.P. acquired a new stake in shares of Concentrix in the 2nd quarter valued at about $62,738,000. Pzena Investment Management LLC grew its stake in shares of Concentrix by 246.3% in the 1st quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock valued at $67,095,000 after buying an additional 720,616 shares during the period. Finally, Impactive Capital LP grew its stake in shares of Concentrix by 13.0% in the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after buying an additional 443,045 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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.