Brokerages Set Concentrix Corporation (NASDAQ:CNXC) PT at $66.75

Concentrix Corporation (NASDAQ:CNXC) has been given a consensus recommendation of “Buy” by the five analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $66.75.

A number of brokerages recently weighed in on CNXC. Wall Street Zen lowered shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Robert W. Baird increased their price objective on Concentrix from $62.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, June 26th. Barrington Research reissued an “outperform” rating and issued a $54.00 target price on shares of Concentrix in a research report on Tuesday, June 24th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 price target on shares of Concentrix in a research report on Monday, June 30th. Finally, Bank of America decreased their price target on shares of Concentrix from $65.00 to $61.00 and set a “neutral” rating for the company in a research note on Friday, June 27th.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the completion of the transaction, the executive vice president directly owned 38,130 shares in the company, valued at $2,175,697.80. This represents a 1.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher A. Caldwell bought 1,000 shares of Concentrix stock in a transaction on Monday, April 21st. The shares were acquired at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief executive officer directly owned 303,362 shares in the company, valued at approximately $13,954,652. The trade was a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC raised its holdings in shares of Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the period. Geneos Wealth Management Inc. increased its position in Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock valued at $34,000 after buying an additional 522 shares in the last quarter. UMB Bank n.a. raised its stake in Concentrix by 47.3% during the 1st quarter. UMB Bank n.a. now owns 676 shares of the company’s stock worth $38,000 after buying an additional 217 shares during the period. First Horizon Advisors Inc. raised its stake in Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock worth $47,000 after buying an additional 444 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in Concentrix by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company’s stock worth $84,000 after acquiring an additional 483 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Stock Up 1.4%

NASDAQ CNXC opened at $58.33 on Wednesday. The company has a market capitalization of $3.68 billion, a P/E ratio of 16.02, a PEG ratio of 0.76 and a beta of 0.53. Concentrix has a 12 month low of $36.28 and a 12 month high of $77.00. The company’s 50 day simple moving average is $55.90 and its 200 day simple moving average is $50.97. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a return on equity of 16.31% and a net margin of 2.54%. 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 company posted $2.69 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. Equities research analysts expect that Concentrix will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be given a dividend of $0.3328 per share. The ex-dividend date of this dividend is Friday, July 25th. This represents a $1.33 annualized dividend and a yield of 2.28%. Concentrix’s dividend payout ratio is 36.54%.

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.