Concentrix (NASDAQ:CNXC) Price Target Raised to $59.00 at Bank of America

Concentrix (NASDAQ:CNXC - Free Report) had its price objective lifted by Bank of America from $58.00 to $59.00 in a research report released on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts also recently weighed in on the company. Canaccord Genuity Group reduced their price target on Concentrix from $100.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, January 16th. Barrington Research reduced 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. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Concentrix currently has a consensus rating of "Buy" and an average price target of $69.60.

Concentrix Stock Down 2.6 %

CNXC traded down $1.46 during trading on Thursday, reaching $55.50. The company had a trading volume of 610,669 shares, compared to its average volume of 671,657. The company has a market cap of $3.57 billion, a P/E ratio of 14.96, a PEG ratio of 0.63 and a beta of 0.69. Concentrix has a 12 month low of $36.28 and a 12 month 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. The business's fifty day moving average price is $48.06 and its 200 day moving average price is $47.46.

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

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be paid a $0.3328 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.40%. Concentrix's dividend payout ratio is presently 33.33%.

Insider Buying and Selling

In other Concentrix news, Director Kathryn Hayley purchased 500 shares of Concentrix stock in a transaction that occurred on Wednesday, January 22nd. The stock was acquired at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the acquisition, the director now owns 3,034 shares of the company's stock, valued at approximately $152,367.48. This trade represents a 19.73 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Concentrix

Hedge funds have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC lifted its stake in shares of Concentrix by 81.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after buying an additional 286 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock valued at $34,000 after purchasing an additional 490 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in shares of 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 purchasing an additional 444 shares during the period. KBC Group NV lifted its holdings in Concentrix by 68.3% during the 4th quarter. KBC Group NV now owns 2,008 shares of the company's stock worth $87,000 after purchasing an additional 815 shares during the last quarter. Finally, Quarry LP boosted its stake in 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 purchasing an additional 2,270 shares during the period. 90.34% of the stock is owned by institutional investors and hedge funds.

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.