Canaccord Genuity Group Lowers Concentrix (NASDAQ:CNXC) Price Target to $100.00

Concentrix (NASDAQ:CNXC) had its price objective lowered by analysts at Canaccord Genuity Group from $125.00 to $100.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 93.95% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Barrington Research reaffirmed an “outperform” rating and issued a $84.00 target price on shares of Concentrix in a research note on Friday, September 20th. Bank of America raised shares of Concentrix from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $65.00 to $85.00 in a research note on Wednesday, August 28th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.25.

Concentrix Trading Up 0.0 %

Shares of CNXC stock opened at $51.56 on Thursday. Concentrix has a 12-month low of $50.23 and a 12-month high of $106.10. The company has a market capitalization of $3.35 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.68 and a beta of 0.61. The firm has a 50-day moving average price of $67.29 and a 200 day moving average price of $63.58. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21.

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). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the business earned $2.54 earnings per share. The company’s revenue for the quarter was up 46.2% on a year-over-year basis. Research analysts forecast that Concentrix will post 10.8 earnings per share for the current fiscal year.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. 3.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Quarry LP grew its holdings in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after purchasing an additional 1,101 shares during the period. Algert Global LLC acquired a new position in Concentrix during the second quarter valued at approximately $273,000. Scientech Research LLC acquired a new position in Concentrix during the second quarter valued at approximately $1,603,000. Millennium Management LLC grew its holdings in Concentrix by 212.0% during the second quarter. Millennium Management LLC now owns 138,532 shares of the company’s stock valued at $8,766,000 after purchasing an additional 94,130 shares during the period. Finally, Dark Forest Capital Management LP acquired a new position in shares of Concentrix in the second quarter valued at approximately $539,000. Institutional investors and hedge funds 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.