Brokerages Set Concentrix Co. (NASDAQ:CNXC) Price Target at $69.60

Concentrix Co. (NASDAQ:CNXC - Get Free Report) has been given an average recommendation of "Buy" by the six ratings firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $69.60.

A number of brokerages recently issued reports on CNXC. Canaccord Genuity Group lowered their price target on Concentrix from $100.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, January 16th. Barrington Research lowered their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, March 24th. Finally, Bank of America lifted their price target on shares of Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th.

Concentrix Stock Down 4.3 %

Shares of CNXC traded down $2.16 during midday trading on Tuesday, reaching $48.27. The stock had a trading volume of 1,684,191 shares, compared to its average volume of 677,677. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 0.63 and a beta of 0.51. The company's fifty day simple moving average is $48.22 and its two-hundred day simple moving average is $47.11. Concentrix has a 1-year low of $36.28 and a 1-year high of $77.00. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

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Concentrix (NASDAQ:CNXC - Get Free Report) last posted its earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating the consensus estimate of $2.58 by $0.21. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. Concentrix's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.57 earnings per share. Equities research analysts expect that Concentrix will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be given a dividend of $0.3328 per share. The ex-dividend date is Friday, April 25th. This represents a $1.33 annualized dividend and a yield of 2.76%. Concentrix's payout ratio is currently 33.33%.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company's 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 sale, the executive vice president now owns 41,111 shares of the company's stock, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pzena Investment Management LLC increased its holdings in Concentrix by 60.0% during the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after acquiring an additional 880,960 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of Concentrix by 38.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after purchasing an additional 823,228 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Concentrix during the 4th quarter worth approximately $21,123,000. Millennium Management LLC raised its position in shares of Concentrix by 232.9% during the 4th quarter. Millennium Management LLC now owns 578,700 shares of the company's stock worth $25,040,000 after purchasing an additional 404,885 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Concentrix by 209.0% in the 4th quarter. Marshall Wace LLP now owns 593,043 shares of the company's stock valued at $25,661,000 after buying an additional 401,133 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

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.