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

Concentrix Co. (NASDAQ:CNXC) has earned a consensus rating of “Buy” from the six brokerages that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $75.00.

CNXC has been the topic of a number of recent research reports. Canaccord Genuity Group cut their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday. Baird R W raised Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Bank of America decreased their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Barrington Research reduced their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Finally, Robert W. Baird started coverage on Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target for the company.

Institutional Investors Weigh In On Concentrix

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of Concentrix by 64.9% during the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after buying an additional 287 shares during the period. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix during the second quarter worth $68,000. Quarry LP raised its position in shares of Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after acquiring an additional 1,101 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Concentrix during the third quarter worth $146,000. Finally, Blue Trust Inc. grew its stake in shares of Concentrix by 62.4% during the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock worth $161,000 after purchasing an additional 1,204 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Price Performance

NASDAQ:CNXC opened at $48.96 on Thursday. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 0.60 and a beta of 0.63. The company has a 50 day moving average price of $43.61 and a 200-day moving average price of $54.84. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. Concentrix has a 1-year low of $36.28 and a 1-year high of $106.10.

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

Concentrix Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Friday, January 31st will be given a $0.3328 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.72%. Concentrix’s dividend payout ratio (DPR) is 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.