Concentrix (NASDAQ:CNXC) Price Target Cut to $80.00 by Analysts at Canaccord Genuity Group

Concentrix (NASDAQ:CNXC) had its target price trimmed by Canaccord Genuity Group from $100.00 to $80.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms also recently commented on CNXC. Bank of America decreased their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Barrington Research dropped their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Finally, Robert W. Baird began coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Concentrix presently has an average rating of “Buy” and an average target price of $75.00.

Concentrix Stock Performance

Shares of NASDAQ CNXC opened at $48.78 on Thursday. Concentrix has a 12-month low of $36.28 and a 12-month high of $106.10. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 0.60 and a beta of 0.63. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm has a 50 day moving average of $43.34 and a 200 day moving average of $54.98.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the firm posted $3.36 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, research analysts anticipate that Concentrix will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Friday, January 31st will be issued a $0.3328 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a yield of 2.73%. Concentrix’s dividend payout ratio is presently 43.18%.

Institutional Investors Weigh In On Concentrix

A number of institutional investors have recently added to or reduced their stakes in CNXC. GAMMA Investing LLC boosted its position in shares of Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after acquiring an additional 287 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Concentrix in the 2nd quarter valued at $68,000. Quarry LP lifted its stake in Concentrix by 769.9% in the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after purchasing an additional 1,101 shares in the last quarter. Quest Partners LLC bought a new position in shares of Concentrix during the 3rd quarter valued at about $146,000. Finally, Blue Trust Inc. grew its position in shares of Concentrix by 62.4% during the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock valued at $161,000 after purchasing an additional 1,204 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

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.