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

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) has received a consensus recommendation of "Buy" from the five research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $66.75.

A number of equities analysts recently weighed in on CNXC shares. Wall Street Zen lowered shares of Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Barrington Research reaffirmed an "outperform" rating and issued a $54.00 target price on shares of Concentrix in a report on Tuesday, June 24th. Bank of America lowered their price target on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a report on Friday, June 27th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 target price on shares of Concentrix in a report on Monday, June 30th. Finally, Robert W. Baird raised their target price on shares of Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th.

Concentrix Price Performance

Shares of CNXC traded up $0.80 on Wednesday, hitting $58.33. The company's stock had a trading volume of 504,506 shares, compared to its average volume of 748,927. The company has a market capitalization of $3.68 billion, a PE ratio of 16.02, a PEG ratio of 0.76 and a beta of 0.53. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. Concentrix has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The company has a 50 day moving average price of $55.90 and a 200 day moving average price of $50.97.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $2.42 billion during 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 business's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.69 EPS. On average, research analysts anticipate that Concentrix will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be given a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, July 25th. Concentrix's dividend payout ratio (DPR) is currently 36.54%.

Insider Activity at Concentrix

In other news, CEO Christopher A. Caldwell purchased 1,000 shares of the company's stock in a transaction on Monday, April 21st. The stock was acquired at an average price of $46.00 per share, with a total value of $46,000.00. Following the transaction, the chief executive officer directly owned 303,362 shares of the company's stock, valued at approximately $13,954,652. This represents a 0.33% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the sale, the executive vice president directly owned 38,130 shares of the company's stock, valued at $2,175,697.80. The trade was a 1.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Concentrix by 2.1% in the first quarter. Vanguard Group Inc. now owns 5,242,763 shares of the company's stock worth $291,707,000 after buying an additional 106,217 shares during the last quarter. AQR Capital Management LLC raised its holdings in Concentrix by 850.1% in the first quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company's stock worth $190,840,000 after buying an additional 3,068,916 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Concentrix by 38.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock worth $128,998,000 after buying an additional 823,228 shares during the last quarter. Copeland Capital Management LLC raised its holdings in Concentrix by 3.0% in the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock worth $76,418,000 after buying an additional 40,226 shares during the last quarter. Finally, Lyrical Asset Management LP raised its holdings in Concentrix by 3.4% in the fourth quarter. Lyrical Asset Management LP now owns 1,258,398 shares of the company's stock worth $54,451,000 after buying an additional 41,540 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors.

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.