Bank of America Forecasts Strong Price Appreciation for Concentrix (NASDAQ:CNXC) Stock

Concentrix (NASDAQ:CNXC - Get Free Report) had its price objective raised by Bank of America from $59.00 to $65.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Bank of America's target price indicates a potential upside of 14.46% from the company's current price.

Separately, Barrington Research cut their price target on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Concentrix has a consensus rating of "Buy" and an average price target of $67.25.

Concentrix Stock Performance

Shares of CNXC stock traded up $0.18 during mid-day trading on Monday, reaching $56.79. The stock had a trading volume of 64,577 shares, compared to its average volume of 715,138. Concentrix has a 1-year low of $36.28 and a 1-year high of $77.00. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 0.63 and a beta of 0.56. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The business's fifty day moving average is $52.01 and its 200-day moving average is $48.51.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.58 by $0.21. The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. Concentrix's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the firm posted $2.57 EPS. On average, research analysts forecast that Concentrix will post 10.11 earnings per share for the current year.

Insider Transactions at Concentrix

In other news, CEO Christopher A. Caldwell acquired 1,000 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were bought at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the acquisition, the chief executive officer now owns 303,362 shares in the company, valued at approximately $13,954,652. This represents a 0.33% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $57.06, for a total value of $28,530.00. Following the completion of the sale, the executive vice president now directly owns 38,130 shares in the company, valued at $2,175,697.80. This represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,944 shares of company stock valued at $1,510,158 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. UMB Bank n.a. raised its position in Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after purchasing an additional 217 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in Concentrix by 81.3% during 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 during the period. Rhumbline Advisers lifted its holdings in shares of Concentrix by 0.3% in the 4th quarter. Rhumbline Advisers now owns 128,617 shares of the company's stock worth $5,565,000 after acquiring an additional 324 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after purchasing an additional 444 shares during the period. Finally, First Horizon Advisors Inc. boosted its position in shares of Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after purchasing an additional 444 shares during the period. Hedge funds and other institutional investors 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.

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