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

Concentrix Co. (NASDAQ:CNXC) has been assigned a consensus rating of “Buy” from the six research firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $79.00.

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

Concentrix Stock Up 0.8 %

Shares of NASDAQ CNXC opened at $44.92 on Friday. The company’s 50 day moving average price is $47.23 and its 200-day moving average price is $59.22. 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 52-week low of $36.28 and a 52-week high of $106.10. The company has a market capitalization of $2.91 billion, a P/E ratio of 14.58, a price-to-earnings-growth ratio of 0.61 and a beta of 0.61.

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 the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm earned $2.54 EPS. Concentrix’s quarterly revenue was up 46.2% on a year-over-year basis. Equities analysts forecast that Concentrix will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were issued a dividend of $0.333 per share. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.33 annualized dividend and a yield of 2.97%. Concentrix’s dividend payout ratio is presently 43.18%.

Insider Activity

In related news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of 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 5.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,867 shares of company stock worth $619,093 over the last three months. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Concentrix

Institutional investors and hedge funds have recently made changes to their positions in the company. 1832 Asset Management L.P. bought a new stake in Concentrix in the 2nd quarter worth about $62,738,000. Pzena Investment Management LLC grew its holdings in shares of Concentrix by 46.6% in the second quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after acquiring an additional 471,699 shares in the last quarter. Impactive Capital LP increased its position in shares of Concentrix by 13.0% during the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after acquiring an additional 443,045 shares during the last quarter. Invenomic Capital Management LP boosted its position in Concentrix by 354.3% in the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after purchasing an additional 368,295 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY grew its stake in Concentrix by 126.4% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after purchasing an additional 348,100 shares during the period. Hedge funds and other 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.