Concentrix Corporation (NASDAQ:CNXC) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts have given Concentrix Corporation (NASDAQ:CNXC) an average rating of "Moderate Buy", with a target price of $66.25 based on recent evaluations.
• The company has increased its quarterly dividend from $0.33 to $0.36, reflecting a yield of 3.0% and a payout ratio of 28.12%.
• Recent insider activities include the sale of 500 shares by EVP Cormac J. Twomey and the purchase of 1,000 shares by CEO Christopher A. Caldwell.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) has earned an average rating of "Moderate Buy" from the five analysts that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $66.25.

CNXC has been the topic of a number of analyst reports. Bank of America dropped their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research report on Friday, June 27th. Robert W. Baird lowered their price objective on Concentrix from $75.00 to $62.00 and set an "outperform" rating for the company in a report on Monday, September 29th. Weiss Ratings raised Concentrix from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 8th. Barrington Research reissued an "outperform" rating and issued a $62.00 price objective on shares of Concentrix in a report on Wednesday, September 24th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $80.00 price objective on shares of Concentrix in a report on Tuesday, September 23rd.

Concentrix Stock Up 0.6%

Shares of NASDAQ CNXC opened at $47.59 on Friday. Concentrix has a 1 year low of $36.28 and a 1 year high of $66.00. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 10.06, a PEG ratio of 0.68 and a beta of 0.50. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.56 and a current ratio of 1.56. The stock's 50-day simple moving average is $50.24 and its 200-day simple moving average is $52.32.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 4th. Investors of record on Friday, October 24th will be issued a $0.36 dividend. This is an increase from Concentrix's previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, October 24th. Concentrix's dividend payout ratio is presently 28.12%.

Insider Activity

In related news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the sale, the executive vice president directly owned 37,130 shares of the company's stock, valued at $2,150,198.30. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher A. Caldwell acquired 1,000 shares of the stock in a transaction that occurred on Friday, October 10th. The stock was purchased at an average cost of $45.35 per share, with a total value 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 $13,847,395.75. The trade was a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Concentrix

Institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. grew its holdings in shares of 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 purchasing an additional 522 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Concentrix by 473.8% during the second 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 last quarter. First Horizon Advisors Inc. grew its holdings in shares of Concentrix by 111.8% during the first 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 last quarter. True Wealth Design LLC grew its holdings in shares of Concentrix by 39.3% during the second 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 last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Concentrix by 47.3% during the first 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 last quarter. 90.34% of the stock is 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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