Concentrix (NASDAQ:CNXC) Downgraded by Wall Street Zen to "Hold"

Wall Street Zen cut shares of Concentrix (NASDAQ:CNXC - Free Report) from a buy rating to a hold rating in a research report released on Saturday morning.

Other equities analysts also recently issued reports about the stock. Barrington Research dropped their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, March 24th. Bank of America boosted their price objective on shares of Concentrix from $59.00 to $65.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Concentrix currently has a consensus rating of "Moderate Buy" and an average target price of $67.25.

Concentrix Price Performance

Shares of CNXC traded down $3.01 on Friday, hitting $50.15. The company's stock had a trading volume of 1,464,090 shares, compared to its average volume of 724,048. The company has a market capitalization of $3.20 billion, a PE ratio of 12.57, a PEG ratio of 0.65 and a beta of 0.56. 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 $53.32 and a 200 day moving average price of $49.20. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.65 and a quick ratio of 1.65.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping analysts' consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.73% and a net margin of 2.81%. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the previous year, the firm earned $2.57 earnings per share. The business's revenue was down 1.3% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix's dividend payout ratio (DPR) is presently 33.33%.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $55.31, for a total transaction of $27,655.00. Following the sale, the executive vice president now owns 39,130 shares of the company's stock, valued at approximately $2,164,280.30. This trade represents a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Christopher A. Caldwell bought 1,000 shares of Concentrix stock in a transaction on Monday, April 21st. The shares were acquired at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief executive officer now owns 303,362 shares of the company's stock, valued at approximately $13,954,652. This represents a 0.33% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 30,944 shares of company stock worth $1,510,158 in the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Concentrix

Several large investors have recently modified their holdings of CNXC. AQR Capital Management LLC lifted its holdings in shares of Concentrix by 850.1% during the 1st quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company's stock valued at $190,840,000 after purchasing an additional 3,068,916 shares in the last quarter. Pzena Investment Management LLC lifted its stake in Concentrix by 60.0% in the fourth quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after buying an additional 880,960 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Concentrix by 38.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after buying an additional 823,228 shares during the period. Alyeska Investment Group L.P. bought a new stake in shares of Concentrix during the fourth quarter worth $21,123,000. Finally, Millennium Management LLC increased its position in shares of Concentrix by 232.9% during the fourth quarter. Millennium Management LLC now owns 578,700 shares of the company's stock worth $25,040,000 after acquiring an additional 404,885 shares in 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.