Bank of America Issues Positive Forecast for Concentrix (NASDAQ:CNXC) Stock Price

Concentrix (NASDAQ:CNXC) had its price objective lifted by Bank of America from $59.00 to $65.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Separately, Barrington Research dropped their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Concentrix presently has an average rating of “Buy” and a consensus target price of $67.25.

Concentrix Stock Down 1.4%

Concentrix stock opened at $55.83 on Monday. Concentrix has a 1-year low of $36.28 and a 1-year high of $77.00. The business has a fifty day moving average price of $52.04 and a 200-day moving average price of $48.60. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 0.63 and a beta of 0.56.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter last year, the company earned $2.57 earnings per share. The company’s quarterly revenue was down 1.3% on a year-over-year basis. Equities research analysts forecast that Concentrix will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were issued a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Friday, April 25th. Concentrix’s dividend payout ratio (DPR) is 33.33%.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $55.31, for a total transaction of $27,655.00. Following the sale, the executive vice president now directly owns 39,130 shares of the company’s stock, valued at approximately $2,164,280.30. This trade represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Olivier Duha sold 29,444 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the completion of the transaction, the director now directly owns 1,155,862 shares of the company’s stock, valued at approximately $56,082,424.24. This trade represents a 2.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,944 shares of company stock worth $1,510,158 over the last quarter. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Concentrix by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 5,242,763 shares of the company’s stock valued at $291,707,000 after purchasing an additional 106,217 shares in the last quarter. AQR Capital Management LLC grew its position in Concentrix by 850.1% during the first quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company’s stock valued at $190,840,000 after buying an additional 3,068,916 shares during the period. Fuller & Thaler Asset Management Inc. increased its holdings in Concentrix by 38.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company’s stock valued at $128,998,000 after buying an additional 823,228 shares in the last quarter. Pzena Investment Management LLC increased its holdings in Concentrix by 60.0% in the fourth quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock valued at $101,667,000 after buying an additional 880,960 shares in the last quarter. Finally, Copeland Capital Management LLC raised its position in shares of Concentrix by 3.0% in the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company’s stock worth $76,418,000 after acquiring an additional 40,226 shares during the period. Hedge funds and other institutional investors 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.