Canaccord Genuity Group Trims Concentrix (NASDAQ:CNXC) Target Price to $100.00

Concentrix (NASDAQ:CNXC) had its price target lowered by Canaccord Genuity Group from $125.00 to $100.00 in a report released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on the stock. Barrington Research reiterated an outperform rating and issued a $84.00 target price on shares of Concentrix in a research note on Friday, September 20th. Bank of America raised Concentrix from an underperform rating to a neutral rating and raised their price objective for the company from $65.00 to $85.00 in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Concentrix presently has an average rating of Moderate Buy and an average price target of $81.25.

Concentrix Stock Performance

CNXC opened at $51.56 on Thursday. The business’s 50-day simple moving average is $67.29 and its 200 day simple moving average is $63.58. Concentrix has a 52-week low of $50.23 and a 52-week high of $106.10. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. The firm has a market capitalization of $3.35 billion, a PE ratio of 11.94, a PEG ratio of 0.68 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 for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the business posted $2.54 earnings per share. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. As a group, sell-side analysts expect that Concentrix will post 10.8 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be paid a $0.333 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.58%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is 28.01%.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares in the company, valued at $2,188,674.01. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Hedge funds and other institutional investors have recently modified their holdings of the company. Hexagon Capital Partners LLC increased its position in Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after acquiring an additional 389 shares during the period. GAMMA Investing LLC raised its position in shares of Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after buying an additional 402 shares in the last quarter. Pineridge Advisors LLC bought a new stake in shares of Concentrix in the fourth quarter valued at approximately $35,000. First Horizon Advisors Inc. grew its position in Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after buying an additional 285 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Concentrix in the 2nd quarter valued at $68,000. Institutional investors and hedge funds own 90.34% of the company’s stock.

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.