Bank of America Lowers Concentrix (NASDAQ:CNXC) Price Target to $61.00

Concentrix (NASDAQ:CNXC - Get Free Report) had its target price decreased by analysts at Bank of America from $65.00 to $61.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Bank of America's price target points to a potential upside of 15.40% from the company's current price.

Other analysts have also recently issued research reports about the stock. Barrington Research reissued an "outperform" rating and set a $54.00 price target on shares of Concentrix in a research report on Tuesday, June 24th. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Robert W. Baird raised their price target on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday. Two investment 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 company. According to data from MarketBeat, Concentrix presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.75.

Concentrix Trading Up 2.2%

Concentrix stock traded up $1.15 during midday trading on Friday, hitting $52.86. 892,875 shares of the stock were exchanged, compared to its average volume of 834,832. The company has a current ratio of 1.61, a quick ratio of 1.65 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 0.67 and a beta of 0.56. The stock's 50-day simple moving average is $53.86 and its 200 day simple moving average is $49.54. Concentrix has a fifty-two week low of $36.28 and a fifty-two week high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings results 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). The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The firm's quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.69 EPS. On average, equities analysts anticipate that Concentrix will post 10.11 EPS for the current year.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $57.06, for a total value of $28,530.00. Following the completion of the transaction, the executive vice president directly owned 38,130 shares of the company's stock, valued at approximately $2,175,697.80. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Christopher A. Caldwell purchased 1,000 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the acquisition, the chief executive officer owned 303,362 shares in the company, valued at approximately $13,954,652. This trade represents a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 30,444 shares of company stock worth $1,482,503 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Concentrix

Several institutional investors and hedge funds have recently made changes to their positions in CNXC. Rhumbline Advisers lifted its holdings in shares of Concentrix by 0.3% in the fourth quarter. Rhumbline Advisers now owns 128,617 shares of the company's stock valued at $5,565,000 after purchasing an additional 324 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Concentrix in the 4th quarter valued at approximately $497,000. Y Intercept Hong Kong Ltd acquired a new stake in Concentrix during the 4th quarter valued at $294,000. Versor Investments LP grew its holdings in Concentrix by 85.9% during the 4th quarter. Versor Investments LP now owns 10,700 shares of the company's stock valued at $463,000 after buying an additional 4,943 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its position in Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after buying an additional 444 shares in the last quarter. 90.34% of the stock is currently owned by hedge funds and other 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.