Bank of America Issues Positive Forecast for Concentrix (NASDAQ:CNXC) Stock Price

Concentrix (NASDAQ:CNXC) had its target price boosted by equities research analysts at Bank of America from $58.00 to $59.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential downside of 2.76% from the stock’s current price.

A number of other brokerages have also recently weighed in on CNXC. Barrington Research dropped their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday. Canaccord Genuity Group dropped their target price 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. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $69.60.

Concentrix Stock Performance

Shares of CNXC traded up $15.00 during mid-day trading on Thursday, reaching $60.68. 958,296 shares of the company’s stock traded hands, compared to its average volume of 635,971. Concentrix has a 12 month low of $36.28 and a 12 month high of $77.00. The stock has a market capitalization of $3.90 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The business’s 50-day moving average price is $47.58 and its 200-day moving average price is $47.73. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter last year, the business posted $2.57 earnings per share. The company’s quarterly revenue was down 1.3% on a year-over-year basis. Equities analysts predict that Concentrix will post 10.11 earnings per share for the current year.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the company’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 value of $27,800.00. Following the sale, the executive vice president now directly owns 41,111 shares in the company, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Concentrix

Several institutional investors have recently bought and sold shares of CNXC. Steward Partners Investment Advisory LLC lifted its holdings in shares of Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the period. Venturi Wealth Management LLC increased its position in shares of Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after purchasing an additional 490 shares in the last quarter. Parkside Financial Bank & Trust lifted 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 valued at $52,000 after purchasing an additional 444 shares during the last quarter. KBC Group NV boosted its position in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after buying an additional 815 shares in the last quarter. Finally, Quarry LP grew its position in Concentrix by 843.9% during the 4th quarter. Quarry LP now owns 2,539 shares of the company’s stock worth $110,000 after acquiring an additional 2,270 shares during the last quarter. Institutional investors and hedge funds 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.