Concentrix (NASDAQ:CNXC) Price Target Cut to $70.00

Concentrix (NASDAQ:CNXC) had its target price reduced by Bank of America from $85.00 to $70.00 in a research note published on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

CNXC has been the subject of a number of other research reports. Barrington Research dropped their price objective on Concentrix from $84.00 to $70.00 and set an outperform rating for the company in a research note on Thursday. Canaccord Genuity Group cut their price objective on shares of Concentrix from $125.00 to $100.00 and set a buy rating for the company in a report on Thursday. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $81.25.

Concentrix Trading Up 0.0 %

Concentrix stock opened at $51.56 on Thursday. The company has a current ratio of 1.54, a quick ratio of 1.56 and a debt-to-equity ratio of 1.21. Concentrix has a 12-month low of $50.23 and a 12-month high of $106.10. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 0.68 and a beta of 0.61. The firm has a 50 day moving average of $67.29 and a 200 day moving average of $63.58.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The firm’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.54 earnings per share. As a group, research analysts predict that Concentrix will post 10.8 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be paid a dividend of $0.333 per share. The ex-dividend date is Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a yield of 2.58%. Concentrix’s dividend payout ratio is presently 30.79%.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Concentrix

Several large investors have recently bought and sold shares of CNXC. Quarry LP lifted its position in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after purchasing an additional 1,101 shares during the last quarter. Algert Global LLC bought a new position in shares of Concentrix in the 2nd quarter valued at about $273,000. Scientech Research LLC purchased a new position in Concentrix in the second quarter worth about $1,603,000. Millennium Management LLC increased its stake in Concentrix by 212.0% during the second quarter. Millennium Management LLC now owns 138,532 shares of the company’s stock worth $8,766,000 after acquiring an additional 94,130 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in Concentrix during the second quarter valued at approximately $539,000. Institutional investors own 90.34% of the company’s stock.

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.