Concentrix (NASDAQ:CNXC) Price Target Cut to $70.00

Concentrix (NASDAQ:CNXC) had its target price reduced by Barrington Research from $84.00 to $70.00 in a report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Bank of America raised Concentrix from an underperform rating to a neutral rating and raised their target price for the company from $65.00 to $85.00 in a report on Wednesday, August 28th. Canaccord Genuity Group reduced their price objective on Concentrix from $125.00 to $100.00 and set a buy rating on the stock in a research note on Thursday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $81.25.

Concentrix Stock Up 0.0 %

Shares of NASDAQ CNXC opened at $51.56 on Thursday. The stock has a market capitalization of $3.37 billion, a P/E ratio of 11.94, a PEG ratio of 0.68 and a beta of 0.61. The stock’s fifty day moving average is $67.29 and its 200 day 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.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 EPS 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 earned $2.54 earnings per share. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. Sell-side analysts forecast 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. Stockholders of record on Friday, October 25th will be issued a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 2.58%. Concentrix’s dividend payout ratio is 30.79%.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $67.23, for a total value of $26,892.00. Following the completion of the transaction, the executive vice president now owns 29,727 shares of the company’s stock, valued at approximately $1,998,546.21. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in Concentrix during the 4th quarter worth approximately $31,294,000. Corient Private Wealth LLC raised its stake in shares of Concentrix by 48.7% during the fourth quarter. Corient Private Wealth LLC now owns 9,288 shares of the company’s stock valued at $912,000 after acquiring an additional 3,043 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Concentrix by 42.6% during the fourth quarter. Assetmark Inc. now owns 1,514 shares of the company’s stock worth $149,000 after purchasing an additional 452 shares during the period. Orion Portfolio Solutions LLC grew its stake in shares of Concentrix by 143.3% in the fourth quarter. Orion Portfolio Solutions LLC now owns 6,720 shares of the company’s stock worth $652,000 after purchasing an additional 3,958 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in Concentrix by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 19,466 shares of the company’s stock valued at $1,912,000 after purchasing an additional 190 shares during the period. 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.