Concentrix Co. (NASDAQ:CNXC) Receives $79.00 Consensus PT from Brokerages

Concentrix Co. (NASDAQ:CNXC) has received an average rating of “Buy” from the six analysts that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $79.00.

Several equities research analysts recently commented on CNXC shares. Robert W. Baird started coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price on the stock. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Barrington Research cut their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Canaccord Genuity Group cut their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Finally, Bank of America cut their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of 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 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at $2,188,674.01. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,267 shares of company stock worth $648,945 in the last quarter. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Several institutional investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System lifted its holdings in shares of Concentrix by 1.8% in the first quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock worth $768,000 after buying an additional 200 shares in the last quarter. SummerHaven Investment Management LLC grew its position in Concentrix by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock valued at $548,000 after acquiring an additional 248 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after purchasing an additional 285 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Concentrix by 64.9% in the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after purchasing an additional 287 shares during the last quarter. Finally, nVerses Capital LLC lifted its stake in Concentrix by 10.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock worth $196,000 after acquiring an additional 300 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Price Performance

CNXC stock opened at $44.08 on Monday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. Concentrix has a 12 month low of $43.91 and a 12 month high of $106.10. The firm has a market cap of $2.86 billion, a P/E ratio of 14.31, a P/E/G ratio of 0.61 and a beta of 0.58. The company’s 50-day moving average price is $58.96 and its two-hundred day moving average price is $61.43.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period last year, the firm posted $2.54 earnings per share. On average, analysts anticipate that Concentrix will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a dividend of $0.333 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is presently 43.18%.

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.