Canaccord Genuity Group Lowers Concentrix (NASDAQ:CNXC) Price Target to $100.00

Concentrix (NASDAQ:CNXC) had its price target trimmed by Canaccord Genuity Group from $125.00 to $100.00 in a report released on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

CNXC has been the topic of a number of other reports. Bank of America upgraded shares of Concentrix from an underperform rating to a neutral rating and boosted their price target for the stock from $65.00 to $85.00 in a research note on Wednesday, August 28th. Barrington Research reiterated an outperform rating and set a $84.00 target price on shares of Concentrix in a research report on Friday, September 20th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $81.25.

Concentrix Trading Up 0.0 %

CNXC opened at $51.56 on Thursday. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 11.94, a price-to-earnings-growth ratio of 0.68 and a beta of 0.61. Concentrix has a 52 week low of $50.23 and a 52 week high of $106.10. The business’s 50 day moving average is $67.29 and its two-hundred day moving average is $63.58. 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 announced its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the business posted $2.54 earnings per share. The company’s revenue for the quarter was up 46.2% compared to the same quarter last year. On average, research analysts predict that Concentrix will post 10.8 EPS 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 issued a $0.333 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.58%. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is currently 30.79%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the transaction, the executive vice president now owns 29,327 shares in the company, valued at $2,188,674.01. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Concentrix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Concentrix during the 2nd quarter worth approximately $1,445,000. Vanguard Group Inc. grew its stake in Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after acquiring an additional 1,034,546 shares during the period. Natixis purchased a new position in shares of Concentrix during the 1st quarter worth $542,000. Tweedy Browne Co LLC boosted its holdings in shares of Concentrix by 21.6% during the first quarter. Tweedy Browne Co LLC now owns 173,338 shares of the company’s stock worth $11,478,000 after purchasing an additional 30,798 shares during the last quarter. Finally, Groupe Bruxelles Lambert purchased a new stake in shares of Concentrix in the fourth quarter valued at $861,662,000. Institutional investors and hedge funds 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.