Bank of America Upgrades Concentrix (NASDAQ:CNXC) to Neutral

Concentrix (NASDAQ:CNXC) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has a $85.00 price objective on the stock, up from their previous price objective of $65.00. Bank of America‘s price objective points to a potential upside of 12.46% from the company’s current price.

A number of other research analysts have also weighed in on CNXC. Barrington Research restated an “outperform” rating and issued a $84.00 price objective on shares of Concentrix in a report on Friday, June 21st. Canaccord Genuity Group restated a “buy” rating and set a $125.00 price target on shares of Concentrix in a research report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.80.

Concentrix Stock Performance

CNXC opened at $75.58 on Wednesday. The firm’s fifty day simple moving average is $66.65 and its two-hundred day simple moving average is $65.03. Concentrix has a 52-week low of $53.89 and a 52-week high of $106.10. The company has a market cap of $4.94 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 0.70 and a beta of 0.61. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.06. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company posted $2.50 EPS. Concentrix’s quarterly revenue was up 47.4% compared to the same quarter last year. Equities analysts anticipate that Concentrix will post 10.8 earnings per share for the current fiscal year.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $67.23, for a total value of $26,892.00. Following the completion of the transaction, the executive vice president now directly owns 29,727 shares in the company, valued at $1,998,546.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.00% of the company’s stock.

Institutional Trading of Concentrix

Several institutional investors and hedge funds have recently bought and sold shares of CNXC. Hexagon Capital Partners LLC increased its position in shares of Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after acquiring an additional 389 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares during the period. First Horizon Advisors Inc. increased its holdings in Concentrix by 381.7% in the 4th quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock valued at $34,000 after purchasing an additional 271 shares during the last quarter. Pineridge Advisors LLC purchased a new stake in Concentrix in the fourth quarter valued at approximately $35,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Concentrix during the second quarter worth $68,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

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.