Concentrix Co. (NASDAQ:CNXC) Given Consensus Recommendation of “Buy” by Analysts

Concentrix Co. (NASDAQ:CNXC) has been given an average recommendation of “Buy” by the six brokerages that are covering the firm, 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 twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $79.00.

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

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 1,544 shares of the business’s 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 transaction, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,267 shares of company stock valued at $648,945 in the last 90 days. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Concentrix

A number of hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its holdings in shares of Concentrix by 68.6% during the 1st quarter. Bessemer Group Inc. now owns 4,610 shares of the company’s stock worth $305,000 after buying an additional 1,876 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Concentrix by 23.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 35,289 shares of the company’s stock worth $2,334,000 after purchasing an additional 6,690 shares during the period. Natixis acquired a new stake in Concentrix during the 1st quarter worth approximately $542,000. Capital International Investors raised its holdings in Concentrix by 0.3% in the first quarter. Capital International Investors now owns 2,525,762 shares of the company’s stock valued at $167,256,000 after buying an additional 7,333 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Concentrix by 4.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 28,796 shares of the company’s stock valued at $1,908,000 after buying an additional 1,353 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Stock Performance

Shares of CNXC stock opened at $39.46 on Friday. Concentrix has a 1 year low of $36.28 and a 1 year high of $106.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.51 and a beta of 0.61. The stock’s 50-day moving average is $48.91 and its two-hundred day moving average is $59.68.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.54 EPS. Analysts predict that Concentrix will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a dividend of $0.333 per share. This represents a $1.33 dividend on an annualized basis and a yield of 3.38%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. Concentrix’s payout ratio is presently 43.18%.

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.