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

Concentrix (NASDAQ:CNXC) had its target price upped by Bank of America from $58.00 to $59.00 in a research report released on Thursday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other equities analysts also recently weighed in on the company. Canaccord Genuity Group cut their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Barrington Research decreased their target price on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday. 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 stock. According to data from MarketBeat.com, Concentrix has an average rating of “Buy” and an average price target of $69.60.

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $65.04 on Thursday. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 0.63 and a beta of 0.69. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. Concentrix has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The firm’s 50-day simple moving average is $47.90 and its 200 day simple moving average is $47.85.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.58 by $0.21. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.57 earnings per share. As a group, research analysts anticipate that Concentrix will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.05%. The ex-dividend date is Friday, April 25th. Concentrix’s dividend payout ratio (DPR) is presently 35.85%.

Insider Buying and Selling at Concentrix

In related news, Director Kathryn Hayley purchased 500 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were purchased at an average cost of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the transaction, the director now directly owns 3,034 shares in the company, valued at approximately $152,367.48. This represents a 19.73 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Concentrix

Hedge funds have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC raised its position in shares of Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock worth $28,000 after buying an additional 286 shares in the last quarter. Venturi Wealth Management LLC increased its stake in Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after acquiring an additional 490 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Concentrix by 58.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after acquiring an additional 444 shares in the last quarter. KBC Group NV boosted its position in shares of Concentrix by 68.3% during the 4th quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after acquiring an additional 815 shares during the last quarter. Finally, Quarry LP grew its holdings in shares of Concentrix by 843.9% during the fourth quarter. Quarry LP now owns 2,539 shares of the company’s stock worth $110,000 after purchasing an additional 2,270 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

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.