Concentrix Corporation (NASDAQ:CNXC) Receives $66.75 Consensus Price Target from Brokerages

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) has earned a consensus recommendation of "Buy" from the five brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $66.75.

CNXC has been the topic of a number of recent research reports. Bank of America dropped their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a report on Friday, June 27th. Robert W. Baird increased their price objective on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Barrington Research reaffirmed an "outperform" rating and issued a $54.00 price target on shares of Concentrix in a report on Tuesday, June 24th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $80.00 price target on shares of Concentrix in a report on Monday, June 30th. Finally, Wall Street Zen cut Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st.

Concentrix Stock Performance

NASDAQ:CNXC traded up $0.55 during trading on Wednesday, reaching $55.97. The company's stock had a trading volume of 489,793 shares, compared to its average volume of 746,203. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 0.74 and a beta of 0.53. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a 50 day moving average of $55.58 and a 200-day moving average of $50.73. Concentrix has a 12 month low of $36.28 and a 12 month high of $77.00.

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

Concentrix Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be given a dividend of $0.3328 per share. The ex-dividend date is Friday, July 25th. This represents a $1.33 annualized dividend and a yield of 2.38%. Concentrix's payout ratio is 36.54%.

Insider Activity at Concentrix

In other news, 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 sale, the executive vice president directly owned 38,130 shares in the company, valued at approximately $2,175,697.80. This trade represents a 1.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher A. Caldwell purchased 1,000 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were purchased at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the transaction, the chief executive officer directly owned 303,362 shares of the company's stock, valued at $13,954,652. This represents 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 company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CNXC. State of Alaska Department of Revenue raised its stake in shares of Concentrix by 19.7% in the second quarter. State of Alaska Department of Revenue now owns 77,478 shares of the company's stock worth $4,094,000 after purchasing an additional 12,745 shares during the last quarter. Unified Investment Management increased its position in Concentrix by 2.9% during the second quarter. Unified Investment Management now owns 19,694 shares of the company's stock valued at $1,041,000 after acquiring an additional 548 shares during the last quarter. GAMMA Investing LLC increased its position in Concentrix by 45.2% during the second quarter. GAMMA Investing LLC now owns 3,552 shares of the company's stock valued at $188,000 after acquiring an additional 1,106 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Concentrix by 16.2% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 58,427 shares of the company's stock valued at $3,340,000 after acquiring an additional 8,157 shares during the last quarter. Finally, Sivia Capital Partners LLC increased its position in Concentrix by 34.4% during the second quarter. Sivia Capital Partners LLC now owns 6,283 shares of the company's stock valued at $332,000 after acquiring an additional 1,607 shares during the last quarter. 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.