Concentrix (NASDAQ:CNXC) Given Buy Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Concentrix (NASDAQ:CNXC) in a research note published on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a $125.00 price objective on the stock.

Other equities research analysts have also recently issued research reports about the company. Barrington Research restated an outperform rating and set a $84.00 target price on shares of Concentrix in a research note on Friday, June 21st. Scotiabank decreased their target price on Concentrix from $120.00 to $85.00 and set a sector outperform rating for the company in a research note on Monday, April 29th. Finally, Bank of America restated an underperform rating and set a $60.00 target price (down previously from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Concentrix has an average rating of Hold and a consensus target price of $84.80.

Concentrix Stock Performance

Shares of CNXC opened at $63.28 on Thursday. The stock has a 50-day simple moving average of $60.39 and a 200-day simple moving average of $73.04. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54. The stock has a market capitalization of $4.18 billion, a PE ratio of 14.65, a PEG ratio of 0.74 and a beta of 0.60. Concentrix has a 1 year low of $53.89 and a 1 year high of $106.10.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.06. The firm had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The firm’s revenue was up 47.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.50 earnings per share. On average, analysts predict that Concentrix will post 10.62 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 6th. Stockholders of record on Friday, July 26th will be paid a dividend of $0.303 per share. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.21 annualized dividend and a dividend yield of 1.92%. Concentrix’s dividend payout ratio (DPR) is 28.01%.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell acquired 900 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was bought 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 $13,053,997.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of Concentrix

A number of hedge funds have recently added to or reduced their stakes in CNXC. First Horizon Advisors Inc. lifted its position in Concentrix by 381.7% during the 4th quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock worth $34,000 after acquiring an additional 271 shares during the period. Pineridge Advisors LLC acquired a new stake in shares of Concentrix in the 4th quarter valued at approximately $35,000. Parkside Financial Bank & Trust lifted its holdings in shares of Concentrix by 146.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock valued at $62,000 after buying an additional 374 shares during the period. Blue Trust Inc. lifted its holdings in shares of Concentrix by 29.8% in 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 period. Finally, Covestor Ltd lifted its holdings in shares of Concentrix by 49.8% in the 1st quarter. Covestor Ltd now owns 1,918 shares of the company’s stock valued at $127,000 after buying an additional 638 shares during the period. 90.34% of the stock is owned by institutional investors and hedge funds.

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.