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

Concentrix Co. (NASDAQ:CNXC) has been assigned an average recommendation of “Buy” from the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, four have given 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 $79.00.

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

Concentrix Stock Up 1.7 %

Concentrix stock opened at $40.38 on Tuesday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. Concentrix has a 1-year low of $36.28 and a 1-year high of $106.10. The company has a fifty day simple moving average of $43.79 and a 200 day simple moving average of $57.11. The company has a market cap of $2.62 billion, a P/E ratio of 13.11, a price-to-earnings-growth ratio of 0.56 and a beta of 0.63.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (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 analyst estimates of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. Concentrix’s revenue was up 46.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.54 EPS. Research analysts anticipate that Concentrix will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were paid a $0.333 dividend. The ex-dividend date of this dividend was Friday, October 25th. 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 3.30%. Concentrix’s payout ratio is 43.18%.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 1,544 shares of the firm’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 completion of the sale, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. This trade represents a 5.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,367 shares of company stock valued at $641,668 in the last three months. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of Concentrix

Large investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in shares of Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after acquiring an additional 285 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new stake in Concentrix during the second quarter valued at $68,000. Quarry LP boosted its stake in shares of Concentrix by 769.9% during the 2nd 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. Finally, Fifth Third Bancorp increased its holdings in Concentrix by 51.7% in the 2nd quarter. Fifth Third Bancorp now owns 1,573 shares of the company’s stock worth $100,000 after acquiring an additional 536 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

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.