Concentrix (NASDAQ:CNXC) Stock Price Expected to Rise, Bank of America Analyst Says

Concentrix (NASDAQ:CNXC) had its target price upped by stock analysts at Bank of America from $58.00 to $59.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 3.60% from the company’s current price.

A number of other research analysts have also recently weighed in on CNXC. Canaccord Genuity Group reduced their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Barrington Research cut their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $69.60.

Concentrix Trading Down 12.4 %

CNXC stock opened at $56.95 on Thursday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 0.63 and a beta of 0.69. The business has a fifty day simple moving average of $48.06 and a 200-day simple moving average of $47.75. Concentrix has a 52 week low of $36.28 and a 52 week high of $77.00.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.58 by $0.21. The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.57 earnings per share. On average, equities research analysts expect that Concentrix will post 10.11 EPS for the current year.

Insider Buying and Selling at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares in the company, valued at $2,285,771.60. This trade represents a 1.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Concentrix

Institutional investors and hedge funds have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC increased its stake in shares of Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock worth $28,000 after buying an additional 286 shares during the last quarter. Rhumbline Advisers grew its holdings in Concentrix by 0.3% during the 4th quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock worth $5,565,000 after acquiring an additional 324 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock worth $52,000 after acquiring an additional 444 shares in the last quarter. Xponance Inc. increased its position in shares of Concentrix by 8.9% in the 4th quarter. Xponance Inc. now owns 5,540 shares of the company’s stock worth $240,000 after purchasing an additional 455 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in shares of Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after purchasing an additional 490 shares in the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

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.