Concentrix (NASDAQ:CNXC) Price Target Cut to $54.00 by Analysts at Barrington Research

Concentrix (NASDAQ:CNXC - Get Free Report) had its price target lowered by analysts at Barrington Research from $70.00 to $54.00 in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage currently has an "outperform" rating on the stock. Barrington Research's target price suggests a potential downside of 5.18% from the stock's current price.

Separately, Canaccord Genuity Group reduced their target price on Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $69.60.

Concentrix Stock Down 12.4 %

Concentrix stock traded down $8.09 during trading hours on Monday, reaching $56.95. The stock had a trading volume of 3,240,808 shares, compared to its average volume of 671,740. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 0.63 and a beta of 0.69. The business's 50 day moving average price is $48.06 and its 200-day moving average price is $47.75. Concentrix has a 52 week low of $36.28 and a 52 week 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 issued its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter in the previous year, the firm earned $2.57 EPS. The company's quarterly revenue was down 1.3% compared to the same quarter last year. Sell-side analysts anticipate that Concentrix will post 10.11 EPS for the current year.

Insider Buying and Selling at Concentrix

In other news, Director Kathryn Hayley bought 500 shares of the firm's stock in a transaction that occurred on Wednesday, January 22nd. The stock was purchased at an average price of $50.22 per share, with a total value of $25,110.00. Following the completion of the acquisition, the director now directly owns 3,034 shares of the company's stock, valued at $152,367.48. This trade represents a 19.73 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Concentrix

A number of institutional investors have recently bought and sold shares of CNXC. Steward Partners Investment Advisory LLC increased its stake in shares of Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after acquiring an additional 286 shares during the period. Venturi Wealth Management LLC grew its position in Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock worth $34,000 after purchasing an additional 490 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock valued at $52,000 after buying an additional 444 shares during the last quarter. KBC Group NV raised its stake in shares of Concentrix by 68.3% during the 4th quarter. KBC Group NV now owns 2,008 shares of the company's stock valued at $87,000 after buying an additional 815 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of Concentrix by 843.9% in the 4th quarter. Quarry LP now owns 2,539 shares of the company's stock valued at $110,000 after buying an additional 2,270 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

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.