Concentrix Corporation (NASDAQ:CNXC) Receives $66.25 Consensus Target Price from Brokerages

Concentrix Corporation (NASDAQ:CNXC) has been assigned a consensus rating of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $66.25.

Several research analysts have weighed in on the company. Barrington Research reaffirmed an “outperform” rating and issued a $62.00 target price on shares of Concentrix in a research report on Wednesday, September 24th. Canaccord Genuity Group reissued a “buy” rating and set a $80.00 price objective on shares of Concentrix in a report on Tuesday, September 23rd. Wall Street Zen raised Concentrix from a “hold” rating to a “buy” rating in a report on Saturday. Robert W. Baird lowered their price objective on Concentrix from $75.00 to $62.00 and set an “outperform” rating on the stock in a report on Monday, September 29th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Concentrix in a report on Friday.

Insider Transactions at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 10th. The stock was purchased at an average price of $45.35 per share, for a total transaction of $45,350.00. Following the purchase, the chief executive officer directly owned 305,345 shares in the company, valued at $13,847,395.75. This trade represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total value of $28,955.00. Following the sale, the executive vice president owned 37,130 shares of the company’s stock, valued at approximately $2,150,198.30. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Concentrix

Hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its stake in Concentrix by 532.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock valued at $34,000 after purchasing an additional 522 shares during the period. IFP Advisors Inc boosted its stake in Concentrix by 473.8% during the 2nd quarter. IFP Advisors Inc now owns 700 shares of the company’s stock valued at $37,000 after purchasing an additional 578 shares during the period. First Horizon Advisors Inc. boosted its stake in Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock valued at $47,000 after purchasing an additional 444 shares during the period. True Wealth Design LLC boosted its stake in Concentrix by 39.3% during the 2nd quarter. True Wealth Design LLC now owns 1,163 shares of the company’s stock valued at $61,000 after purchasing an additional 328 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in Concentrix by 47.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company’s stock valued at $84,000 after purchasing an additional 483 shares during the period. Institutional investors own 90.34% of the company’s stock.

Concentrix Stock Performance

Shares of CNXC stock opened at $46.93 on Friday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.56 and a quick ratio of 1.56. Concentrix has a fifty-two week low of $36.28 and a fifty-two week high of $66.00. The stock’s 50-day moving average is $50.21 and its two-hundred day moving average is $52.39. The firm has a market cap of $2.92 billion, a P/E ratio of 9.92, a PEG ratio of 0.68 and a beta of 0.50.

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. The ex-dividend date of this dividend is Friday, October 24th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change 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.