Concentrix (NASDAQ:CNXC) Given New $72.00 Price Target at Robert W. Baird

Concentrix (NASDAQ:CNXC) had its target price upped by Robert W. Baird from $62.00 to $72.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages have also recently weighed in on CNXC. Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Barrington Research reiterated an “outperform” rating and set a $54.00 price objective on shares of Concentrix in a research report on Tuesday. Finally, Bank of America upped their target price on Concentrix from $59.00 to $65.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Two equities research analysts have 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 data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.75.

Concentrix Trading Up 1.8%

Shares of CNXC opened at $55.13 on Thursday. Concentrix has a 52-week low of $36.28 and a 52-week high of $77.00. The stock has a market cap of $3.52 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 0.70 and a beta of 0.56. The firm’s fifty day moving average is $53.78 and its two-hundred day moving average is $49.42. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.22.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a return on equity of 16.73% and a net margin of 2.81%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the business posted $2.69 earnings per share. The business’s quarterly revenue was up 1.5% on a year-over-year basis. Research analysts forecast that Concentrix will post 10.11 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Olivier Duha sold 29,444 shares of the company’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the transaction, the director now owns 1,155,862 shares of the company’s stock, valued at $56,082,424.24. This represents a 2.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the sale, the executive vice president now directly owns 39,130 shares of the company’s stock, valued at $2,164,280.30. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,944 shares of company stock valued at $1,510,158 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Concentrix

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC increased its holdings in Concentrix by 850.1% in the 1st quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company’s stock valued at $190,840,000 after purchasing an additional 3,068,916 shares during the last quarter. Pzena Investment Management LLC boosted its position in shares of Concentrix by 60.0% during the fourth quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock worth $101,667,000 after buying an additional 880,960 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in shares of 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. Alyeska Investment Group L.P. purchased a new stake in shares of Concentrix in the 4th quarter valued at $21,123,000. Finally, Millennium Management LLC lifted its stake in Concentrix by 232.9% during the 4th quarter. Millennium Management LLC now owns 578,700 shares of the company’s stock worth $25,040,000 after acquiring an additional 404,885 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other 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.