Concentrix (NASDAQ:CNXC) PT Lowered to $100.00 at Canaccord Genuity Group

Concentrix (NASDAQ:CNXC) had its price target trimmed by Canaccord Genuity Group from $125.00 to $100.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also recently commented on CNXC. Bank of America raised shares of Concentrix from an underperform rating to a neutral rating and increased their target price for the stock from $65.00 to $85.00 in a report on Wednesday, August 28th. Barrington Research restated an outperform rating and issued a $84.00 target price on shares of Concentrix in a research report on Friday, September 20th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $81.25.

Concentrix Stock Performance

Shares of NASDAQ:CNXC opened at $51.56 on Thursday. Concentrix has a 1 year low of $50.23 and a 1 year high of $106.10. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of 11.94, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56. The company’s 50 day simple moving average is $67.29 and its 200 day simple moving average is $63.58.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the business posted $2.54 EPS. The company’s revenue for the quarter was up 46.2% on a year-over-year basis. As a group, research analysts predict that Concentrix will post 10.8 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 2.58%. Concentrix’s dividend payout ratio (DPR) is currently 28.01%.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Monday, July 29th. The shares were sold at an average price of $67.23, for a total transaction of $26,892.00. Following the transaction, the executive vice president now owns 29,727 shares in the company, valued at $1,998,546.21. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Concentrix

A number of hedge funds have recently made changes to their positions in CNXC. Quarry LP boosted its stake in shares of Concentrix by 769.9% in the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after purchasing an additional 1,101 shares during the last quarter. Algert Global LLC bought a new position in shares of Concentrix in the 2nd quarter worth about $273,000. Scientech Research LLC acquired a new position in shares of Concentrix in the 2nd quarter valued at about $1,603,000. Millennium Management LLC boosted its position in shares of Concentrix by 212.0% during the 2nd quarter. Millennium Management LLC now owns 138,532 shares of the company’s stock valued at $8,766,000 after purchasing an additional 94,130 shares in the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in Concentrix during the second quarter worth approximately $539,000. 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.