Brokerages Set Concentrix Co. (NASDAQ:CNXC) PT at $79.00

Shares of Concentrix Co. (NASDAQ:CNXC) have received an average rating of “Buy” from the six analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $79.00.

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

Insider Activity

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

Institutional Investors Weigh In On Concentrix

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hexagon Capital Partners LLC grew its holdings in Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after buying an additional 389 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after purchasing an additional 402 shares during the period. First Horizon Advisors Inc. increased its position in Concentrix by 54.0% during 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. Benjamin F. Edwards & Company Inc. acquired a new stake in Concentrix during the second quarter worth about $68,000. Finally, Quarry LP raised its stake in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after purchasing an additional 1,101 shares during the period. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Price Performance

NASDAQ:CNXC opened at $41.51 on Monday. The firm’s fifty day moving average is $57.90 and its two-hundred day moving average is $61.26. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 0.58 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. Concentrix has a one year low of $41.11 and a one year high of $106.10.

Concentrix (NASDAQ:CNXC) last issued 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). The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The firm’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.54 EPS. Research analysts expect that Concentrix will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be paid a dividend of $0.333 per share. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Friday, October 25th. Concentrix’s payout ratio is 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.