Concentrix (NASDAQ:CNXC) Shares Gap Up to $57.28

Concentrix Co. (NASDAQ:CNXC) shares gapped up prior to trading on Friday . The stock had previously closed at $57.28, but opened at $63.15. Concentrix shares last traded at $59.49, with a volume of 278,053 shares.

Analysts Set New Price Targets

CNXC has been the subject of several recent research reports. Bank of America reissued an “underperform” rating and set a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Scotiabank lowered their price target on shares of Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. Finally, Barrington Research cut their price objective on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $74.75.

Concentrix Stock Up 3.6 %

The firm has a market capitalization of $3.92 billion, a P/E ratio of 12.24, a P/E/G ratio of 0.66 and a beta of 0.55. The company has a fifty day simple moving average of $62.23 and a 200 day simple moving average of $80.12. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.03). Concentrix had a return on equity of 17.70% and a net margin of 3.53%. The company had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. On average, equities analysts expect that Concentrix Co. will post 11.03 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.303 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, April 25th. This represents a $1.21 dividend on an annualized basis and a dividend yield of 2.04%. Concentrix’s dividend payout ratio is presently 24.95%.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell acquired 900 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were acquired at an average cost of $54.59 per share, with a total value of $49,131.00. Following the transaction, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 1,679 shares of company stock valued at $98,546 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Several large investors have recently bought and sold shares of CNXC. Algert Global LLC purchased a new stake in shares of Concentrix during the 3rd quarter valued at about $1,549,000. Phocas Financial Corp. purchased a new stake in Concentrix in the fourth quarter worth approximately $3,604,000. Copeland Capital Management LLC bought a new stake in Concentrix in the 4th quarter worth approximately $40,339,000. Blue Trust Inc. raised its stake in Concentrix by 29.8% during the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after buying an additional 264 shares during the last quarter. Finally, Mariner LLC lifted its holdings in shares of Concentrix by 211.5% during the 3rd quarter. Mariner LLC now owns 19,182 shares of the company’s stock valued at $1,537,000 after buying an additional 13,024 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.