Canaccord Genuity Group Reiterates Buy Rating for Concentrix (NASDAQ:CNXC)

Concentrix (NASDAQ:CNXC - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Canaccord Genuity Group in a research note issued on Monday,Benzinga reports. They presently have a $80.00 target price on the stock. Canaccord Genuity Group's target price indicates a potential upside of 51.08% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Bank of America reduced their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday. Robert W. Baird lifted their target price on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Barrington Research restated an "outperform" rating and set a $54.00 price target on shares of Concentrix in a research report on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $66.75.

Concentrix Stock Up 2.4%

CNXC traded up $1.24 during midday trading on Monday, reaching $52.95. 129,834 shares of the company were exchanged, compared to its average volume of 731,982. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 0.67 and a beta of 0.56. Concentrix has a one year low of $36.28 and a one year high of $77.00. The company's fifty day moving average price is $53.86 and its 200 day moving average price is $49.54. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.65 and a current ratio of 1.61.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The firm had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the prior year, the firm earned $2.69 earnings per share. Concentrix's revenue was up 1.5% compared to the same quarter last year. As a group, analysts expect that Concentrix will post 10.11 EPS for the current year.

Insider Buying and Selling

In related news, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the sale, the director now owns 1,155,862 shares in the company, valued at $56,082,424.24. The trade was a 2.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $57.06, for a total transaction of $28,530.00. Following the completion of the transaction, the executive vice president now directly owns 38,130 shares of the company's stock, valued at approximately $2,175,697.80. The trade was 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 30,444 shares of company stock worth $1,482,503 in the last ninety days. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Steward Partners Investment Advisory LLC boosted its position in shares of Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after purchasing an additional 286 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Concentrix by 532.7% during the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after buying an additional 522 shares during the last quarter. UMB Bank n.a. raised its stake in Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after buying an additional 217 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Concentrix by 111.8% in the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after acquiring an additional 444 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Concentrix by 58.7% during the fourth 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. 90.34% of the stock is currently owned by institutional investors.

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.

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