Bank of America Boosts Concentrix (NASDAQ:CNXC) Price Target to $59.00

Concentrix (NASDAQ:CNXC) had its target price boosted by Bank of America from $58.00 to $59.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research firms also recently commented on CNXC. Barrington Research cut their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, March 24th. Canaccord Genuity Group dropped their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $69.60.

Concentrix Price Performance

NASDAQ:CNXC opened at $56.95 on Thursday. The stock has a 50 day moving average of $48.06 and a two-hundred day moving average of $47.60. Concentrix has a 12 month low of $36.28 and a 12 month high of $77.00. The firm has a market cap of $3.66 billion, a P/E ratio of 15.35, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the previous year, the business earned $2.57 earnings per share. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts expect that Concentrix will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be given a $0.3328 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.34%. Concentrix’s payout ratio is currently 35.85%.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the sale, the executive vice president now owns 41,111 shares in the company, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Concentrix

Several institutional investors have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC lifted its position in shares of Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Rhumbline Advisers boosted its position in Concentrix by 0.3% in the 4th quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock valued at $5,565,000 after buying an additional 324 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of Concentrix by 58.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock worth $52,000 after acquiring an additional 444 shares in the last quarter. Xponance Inc. grew its stake in shares of Concentrix by 8.9% in the fourth quarter. Xponance Inc. now owns 5,540 shares of the company’s stock worth $240,000 after acquiring an additional 455 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of Concentrix by 159.6% during the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after acquiring an additional 490 shares during the period. 90.34% of the stock is 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.