Concentrix (NASDAQ:CNXC) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Concentrix has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, signaling a positive outlook for the company's stock.
• Notably, several analysts have adjusted their price objectives, with Robert W. Baird lowering theirs to $62, while Canaccord Genuity maintains a "buy" rating with a $80 price target.
• CEO Christopher A. Caldwell purchased 1,000 shares at $45.35, reflecting confidence in the company's future despite a recent drop in stock price.

Concentrix (NASDAQ:CNXC - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts also recently commented on the stock. Robert W. Baird lowered their price objective on shares of Concentrix from $75.00 to $62.00 and set an "outperform" rating for the company in a research note on Monday, September 29th. Bank of America lowered their price objective on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Canaccord Genuity Group reiterated a "buy" rating and set a $80.00 price objective on shares of Concentrix in a research note on Tuesday, September 23rd. Weiss Ratings reiterated a "hold (c-)" rating on shares of Concentrix in a research note on Friday. Finally, Barrington Research reiterated an "outperform" rating and set a $62.00 price objective on shares of Concentrix in a research note on Wednesday, September 24th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $66.25.

Concentrix Trading Down 1.4%

NASDAQ:CNXC opened at $46.93 on Friday. Concentrix has a 12 month low of $36.28 and a 12 month high of $66.00. The firm has a fifty day simple moving average of $50.21 and a 200-day simple moving average of $52.33. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $2.92 billion, a P/E ratio of 9.92, a PEG ratio of 0.69 and a beta of 0.50.

Insider Transactions at Concentrix

In other news, CEO Christopher A. Caldwell acquired 1,000 shares of the firm's stock in a transaction on Friday, October 10th. The stock was acquired at an average price of $45.35 per share, for a total transaction of $45,350.00. Following the completion of the transaction, the chief executive officer owned 305,345 shares in the company, valued at approximately $13,847,395.75. The trade was a 0.33% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the completion of the transaction, the executive vice president owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in shares of Concentrix by 7.9% in the first quarter. Envestnet Asset Management Inc. now owns 165,581 shares of the company's stock worth $9,213,000 after acquiring an additional 12,162 shares during the period. GAMMA Investing LLC raised its position in shares of Concentrix by 761.3% in the first quarter. GAMMA Investing LLC now owns 2,446 shares of the company's stock worth $136,000 after acquiring an additional 2,162 shares during the period. State of Alaska Department of Revenue raised its position 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 acquiring an additional 12,745 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Concentrix in the first quarter worth about $495,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Concentrix by 687.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 50,270 shares of the company's stock worth $2,797,000 after purchasing an additional 43,888 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.