Brokerages Set Concentrix Corporation (NASDAQ:CNXC) Target Price at $66.25

Shares of Concentrix Corporation (NASDAQ:CNXC) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $66.25.

A number of research firms have recently weighed in on CNXC. Robert W. Baird cut their price objective on shares of Concentrix from $75.00 to $62.00 and set an “outperform” rating for the company in a research report on Monday, September 29th. Wall Street Zen raised shares of Concentrix from a “hold” rating to a “buy” rating in a research report on Saturday. Canaccord Genuity Group reiterated a “buy” rating and set a $80.00 price objective on shares of Concentrix in a report on Tuesday, September 23rd. Weiss Ratings upgraded shares of Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Finally, Barrington Research reiterated an “outperform” rating and set a $62.00 price objective on shares of Concentrix in a report on Wednesday, September 24th.

Insider Buying and Selling at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 10th. The shares were purchased at an average price of $45.35 per share, for a total transaction of $45,350.00. Following the completion of the acquisition, the chief executive officer owned 305,345 shares of the company’s stock, valued at approximately $13,847,395.75. This represents a 0.33% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CNXC. AQR Capital Management LLC raised its holdings in Concentrix by 850.1% in the first quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company’s stock valued at $190,840,000 after buying an additional 3,068,916 shares during the period. Deprince Race & Zollo Inc. purchased a new position in Concentrix in the third quarter valued at approximately $31,768,000. Norges Bank purchased a new position in Concentrix in the second quarter valued at approximately $23,318,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Concentrix by 247.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 535,843 shares of the company’s stock valued at $28,322,000 after purchasing an additional 381,497 shares during the period. Finally, Capital Management Corp VA acquired a new position in shares of Concentrix during the second quarter worth $17,230,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Stock Performance

NASDAQ:CNXC opened at $45.35 on Friday. The firm has a 50 day simple moving average of $50.10 and a 200-day simple moving average of $52.36. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market cap of $2.82 billion, a PE ratio of 9.59, a P/E/G ratio of 0.66 and a beta of 0.50. Concentrix has a 1-year low of $36.28 and a 1-year high of $66.00.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, October 24th. This is an increase from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s payout ratio is currently 30.44%.

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.