Canaccord Genuity Group Cuts Concentrix (NASDAQ:CNXC) Price Target to $80.00

Concentrix (NASDAQ:CNXC) had its price objective trimmed by Canaccord Genuity Group from $100.00 to $80.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Barrington Research lowered 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. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Bank of America cut their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Finally, Robert W. Baird began coverage on Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price for the company. One 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.com, the stock presently has a consensus rating of “Buy” and an average target price of $75.00.

Concentrix Price Performance

NASDAQ:CNXC opened at $48.96 on Thursday. Concentrix has a 12-month low of $36.28 and a 12-month high of $106.10. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 0.60 and a beta of 0.63. The company’s 50-day moving average is $43.61 and its two-hundred day moving average is $54.84. 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 (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, topping the consensus estimate of $3.01 by $0.25. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company’s revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.36 EPS. Research analysts expect that Concentrix will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend is Friday, January 31st. Concentrix’s payout ratio is currently 43.18%.

Institutional Trading of Concentrix

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in Concentrix by 64.9% in the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after acquiring an additional 287 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of Concentrix by 21.2% during the second quarter. Oppenheimer Asset Management Inc. now owns 4,370 shares of the company’s stock worth $277,000 after purchasing an additional 764 shares during the period. Clark Estates Inc. NY boosted its position in shares of Concentrix by 2.0% in the 3rd quarter. Clark Estates Inc. NY now owns 45,150 shares of the company’s stock valued at $2,314,000 after purchasing an additional 900 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new position in Concentrix in the 2nd quarter worth about $68,000. Finally, Quarry LP raised its holdings in Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after buying an additional 1,101 shares during the period. 90.34% of the stock is currently owned by institutional investors.

Concentrix Company Profile

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.