Concentrix Corporation (NASDAQ:CNXC) Receives $69.50 Average Target Price from Brokerages

Shares of Concentrix Corporation (NASDAQ:CNXC) have earned a consensus recommendation of “Buy” from the five research firms that are covering the stock, 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 twelve-month price target among brokers that have covered the stock in the last year is $66.25.

Several analysts have issued reports on CNXC shares. Canaccord Genuity Group reissued a “buy” rating and set a $80.00 price target on shares of Concentrix in a report on Tuesday, September 23rd. Bank of America cut their price target on Concentrix from $65.00 to $61.00 and set a “neutral” rating for the company in a report on Friday, June 27th. Wall Street Zen lowered Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Barrington Research restated an “outperform” rating and set a $62.00 price objective on shares of Concentrix in a research report on Wednesday, September 24th. Finally, Robert W. Baird decreased their price objective on shares of Concentrix from $75.00 to $62.00 and set an “outperform” rating on the stock in a research report on Monday.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $48.22 on Monday. The firm’s 50 day moving average price is $51.70 and its 200-day moving average price is $52.69. Concentrix has a twelve month low of $36.28 and a twelve month high of $66.00. The company has a quick ratio of 1.61, a current ratio of 1.56 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $3.04 billion, a PE ratio of 10.19, a price-to-earnings-growth ratio of 0.66 and a beta of 0.50.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, October 24th. This is a positive change from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s payout ratio is 28.12%.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the transaction, the executive vice president directly owned 37,130 shares in the company, valued at $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNXC. Geneos Wealth Management Inc. boosted its stake in Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock worth $34,000 after purchasing an additional 522 shares during the period. IFP Advisors Inc increased its holdings in shares of Concentrix by 473.8% in the second quarter. IFP Advisors Inc now owns 700 shares of the company’s stock worth $37,000 after purchasing an additional 578 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company’s stock worth $38,000 after purchasing an additional 217 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock valued at $47,000 after buying an additional 444 shares in the last quarter. Finally, True Wealth Design LLC grew its holdings in Concentrix by 39.3% during the 2nd quarter. True Wealth Design LLC now owns 1,163 shares of the company’s stock valued at $61,000 after buying an additional 328 shares in the last quarter. 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.