Concentrix Co. (NASDAQ:CNXC) Given Consensus Recommendation of “Buy” by Analysts

Shares of Concentrix Co. (NASDAQ:CNXC) have been assigned a consensus recommendation of “Buy” from the five research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $65.75.

A number of equities research analysts have issued reports on CNXC shares. 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, March 24th. Bank of America upped their target price on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Thursday, March 27th. Finally, Canaccord Genuity Group cut their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th.

Insider Transactions at Concentrix

In other news, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the sale, the director now directly owns 1,155,862 shares of the company’s stock, valued at approximately $56,082,424.24. The trade was a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the sale, the executive vice president now directly owns 39,130 shares in the company, valued at $2,164,280.30. This trade represents a 1.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC lifted its position in 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 last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after acquiring an additional 490 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Concentrix by 47.3% in the 1st quarter. UMB Bank n.a. now owns 676 shares of the company’s stock valued at $38,000 after acquiring an additional 217 shares during the last quarter. First Horizon Advisors Inc. grew its position in Concentrix by 111.8% in the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock worth $47,000 after acquiring an additional 444 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock worth $52,000 after acquiring an additional 444 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Stock Performance

Shares of Concentrix stock opened at $51.06 on Friday. Concentrix has a 1 year low of $36.28 and a 1 year high of $77.00. The firm’s 50-day moving average is $47.90 and its 200 day moving average is $46.36. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 0.63 and a beta of 0.51. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

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

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be issued a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.61%. The ex-dividend date is Friday, April 25th. Concentrix’s dividend payout ratio is currently 33.33%.

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.