Concentrix (NASDAQ:CNXC) Price Target Raised to $59.00

Concentrix (NASDAQ:CNXC) had its price target increased by stock analysts at Bank of America from $58.00 to $59.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price suggests a potential downside of 2.76% from the stock’s current price.

Several other research analysts also recently issued reports on CNXC. Barrington Research cut their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday. Canaccord Genuity Group lowered their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Concentrix presently has a consensus rating of “Buy” and an average target price of $69.60.

Concentrix Stock Performance

CNXC stock traded up $15.00 during trading on Thursday, hitting $60.68. The company had a trading volume of 958,296 shares, compared to its average volume of 635,971. The firm has a 50-day moving average price of $47.58 and a 200-day moving average price of $47.73. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The firm has a market cap of $3.90 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. Concentrix has a 1-year low of $36.28 and a 1-year high of $77.00.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. The company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.57 EPS. On average, analysts expect that Concentrix will post 10.11 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the sale, the executive vice president now directly owns 41,111 shares in the company, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Concentrix

A number of large investors have recently modified their holdings of CNXC. Quest Partners LLC acquired a new stake in Concentrix in the third quarter valued at approximately $146,000. Cerity Partners LLC lifted its holdings in Concentrix by 92.6% in the 3rd quarter. Cerity Partners LLC now owns 11,778 shares of the company’s stock worth $604,000 after buying an additional 5,663 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Concentrix by 22.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,054 shares of the company’s stock worth $515,000 after acquiring an additional 1,821 shares during the last quarter. Verition Fund Management LLC boosted its holdings in Concentrix by 221.9% in the third quarter. Verition Fund Management LLC now owns 42,054 shares of the company’s stock valued at $2,155,000 after purchasing an additional 28,989 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Concentrix by 2.5% in the 3rd quarter. Janus Henderson Group PLC now owns 104,499 shares of the company’s stock valued at $5,355,000 after purchasing an additional 2,564 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

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.