Concentrix (NASDAQ:CNXC) Upgraded by Baird R W to Strong-Buy

Baird R W upgraded shares of Concentrix (NASDAQ:CNXC) to a strong-buy rating in a research report sent to investors on Thursday, Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity Group dropped 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, September 26th. Barrington Research dropped their price target on 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 Concentrix from $85.00 to $70.00 and set a neutral rating for the company in a research note on Thursday, September 26th. Finally, Robert W. Baird assumed coverage on Concentrix in a report on Thursday. They set an outperform rating and a $70.00 target price for the company. One 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’s stock. According to data from MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $79.00.

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $52.64 on Thursday. Concentrix has a fifty-two week low of $50.23 and a fifty-two week high of $106.10. The company has a market cap of $3.44 billion, a PE ratio of 12.19, a P/E/G ratio of 0.55 and a beta of 0.58. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.56 and a current ratio of 1.57. The business has a 50-day simple moving average of $66.12 and a two-hundred day simple moving average of $63.28.

Concentrix (NASDAQ:CNXC) last released 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 return on equity of 16.57% and a net margin of 2.18%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business earned $2.54 earnings per share. The firm’s revenue for the quarter was up 46.2% on a year-over-year basis. As a group, equities analysts expect that Concentrix will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be issued a $0.333 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is 30.79%.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 29,727 shares in the company, valued at $1,998,546.21. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $67.23, for a total transaction of $26,892.00. Following the sale, the executive vice president now owns 29,727 shares in the company, valued at $1,998,546.21. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the transaction, the executive vice president now owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. The disclosure for this sale can be found here. Insiders have sold 2,344 shares of company stock worth $136,075 over the last quarter. 3.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Concentrix

A number of hedge funds have recently bought and sold shares of the business. Hexagon Capital Partners LLC raised its stake in shares of Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC raised its position 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 acquired a new position in Concentrix during the fourth quarter worth $35,000. First Horizon Advisors Inc. lifted its holdings in Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after purchasing an additional 285 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Concentrix in the second quarter valued at about $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.