Baird R W Upgrades Concentrix (NASDAQ:CNXC) to Strong-Buy

Concentrix (NASDAQ:CNXC) was upgraded by equities research analysts at Baird R W to a “strong-buy” rating in a research report issued on Thursday, Zacks.com reports.

Several other equities research analysts have also commented on the stock. Bank of America dropped their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Robert W. Baird began coverage on shares of Concentrix in a research note on Thursday. They set an “outperform” rating and a $70.00 price objective on the stock. Canaccord Genuity Group dropped their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Finally, Barrington Research dropped their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $79.00.

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $52.58 on Thursday. Concentrix has a 1 year low of $50.23 and a 1 year high of $106.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.56. The company’s 50-day moving average is $66.12 and its 200 day moving average is $63.28. The stock has a market capitalization of $3.43 billion, a P/E ratio of 12.17, a P/E/G ratio of 0.55 and a beta of 0.58.

Concentrix (NASDAQ:CNXC) last posted 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). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the firm earned $2.54 EPS. The company’s revenue was up 46.2% on a year-over-year basis. On average, sell-side analysts expect that Concentrix will post 10.18 earnings per share for the current year.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the transaction, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,167 shares of company stock worth $653,747. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Groupe Bruxelles Lambert purchased a new stake in Concentrix during the fourth quarter valued at approximately $861,662,000. Vanguard Group Inc. increased its holdings in Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after buying an additional 1,034,546 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in Concentrix during the second quarter valued at approximately $62,738,000. Pzena Investment Management LLC increased its holdings in Concentrix by 246.3% during the first quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock valued at $67,095,000 after buying an additional 720,616 shares during the last quarter. Finally, Impactive Capital LP increased its holdings in Concentrix by 13.0% during the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after buying an additional 443,045 shares during the last quarter. 90.34% of the stock is 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.