Concentrix Co. (NASDAQ:CNXC) Receives $79.00 Average PT from Analysts

Shares of Concentrix Co. (NASDAQ:CNXC) have been assigned a consensus rating of “Buy” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $79.00.

A number of equities analysts have recently issued reports on CNXC shares. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Barrington Research reduced their price objective 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. Bank of America reduced their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Finally, Robert W. Baird assumed coverage on shares of Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective on the stock.

Insider Transactions at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the sale, the executive vice president now owns 29,327 shares in the company, valued at approximately $2,188,674.01. The trade was a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock valued at $648,945 over the last three months. 3.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Concentrix

A number of hedge funds and other institutional investors have recently made changes to their positions in CNXC. 1832 Asset Management L.P. acquired a new stake in shares of Concentrix during the second quarter worth $62,738,000. Pzena Investment Management LLC increased its stake in Concentrix by 46.6% in the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after buying an additional 471,699 shares during the last quarter. Impactive Capital LP increased its stake in 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 last quarter. Invenomic Capital Management LP increased its stake in Concentrix by 354.3% in the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock valued at $24,202,000 after buying an additional 368,295 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY increased its stake in Concentrix by 126.4% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after buying an additional 348,100 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Price Performance

Shares of CNXC stock opened at $44.56 on Friday. Concentrix has a 1 year low of $36.28 and a 1 year high of $106.10. The firm’s 50 day moving average is $47.61 and its 200-day moving average is $59.32. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 0.60 and a beta of 0.61. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last announced its earnings results 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). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the company posted $2.54 earnings per share. Concentrix’s revenue for the quarter was up 46.2% on a year-over-year basis. Sell-side analysts forecast that Concentrix will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a dividend of $0.333 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.99%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is currently 43.18%.

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.