Weiss Ratings Reiterates "Hold (C-)" Rating for Concentrix (NASDAQ:CNXC)

Key Points

• Weiss Ratings has restated its "hold (C-)" rating for Concentrix (NASDAQ:CNXC), indicating a cautious stance on the company's stock performance.
• Concentrix's stock price recently traded at $46.93, reflecting a significant drop from its 12-month high of $66.00, amidst concerns about its high debt and struggling profit margins.
• Institutional investors have shown interest in Concentrix, with notable stakes recently increased by firms such as Envestnet Asset Management and GAMMA Investing, suggesting potential confidence in the company's long-term outlook.

Concentrix (NASDAQ:CNXC - Get Free Report)'s stock had its "hold (c-)" rating restated by research analysts at Weiss Ratings in a note issued to investors on Friday,Weiss Ratings reports.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 price target on shares of Concentrix in a research report on Tuesday, September 23rd. Robert W. Baird reduced their target price on shares of Concentrix from $75.00 to $62.00 and set an "outperform" rating for the company in a report on Monday, September 29th. Barrington Research reaffirmed an "outperform" rating and set a $62.00 target price on shares of Concentrix in a report on Wednesday, September 24th. Finally, Bank of America reduced their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $66.25.

Concentrix Stock Performance

Concentrix stock traded down $0.66 during mid-day trading on Friday, reaching $46.93. 385,653 shares of the stock traded hands, compared to its average volume of 992,562. The stock has a market capitalization of $2.92 billion, a PE ratio of 9.92, a price-to-earnings-growth ratio of 0.69 and a beta of 0.50. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.56 and a quick ratio of 1.56. Concentrix has a 12-month low of $36.28 and a 12-month high of $66.00. The business's 50-day moving average is $50.21 and its 200-day moving average is $52.33.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell purchased 1,000 shares of the business'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 purchase, the chief executive officer owned 305,345 shares of the company's stock, valued at approximately $13,847,395.75. This represents a 0.33% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the sale, the executive vice president owned 37,130 shares of the company's stock, valued at $2,150,198.30. The trade was 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 Investors Weigh In On Concentrix

Institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its holdings in Concentrix by 7.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 165,581 shares of the company's stock valued at $9,213,000 after buying an additional 12,162 shares in the last quarter. GAMMA Investing LLC grew its stake in Concentrix by 761.3% during the first quarter. GAMMA Investing LLC now owns 2,446 shares of the company's stock valued at $136,000 after acquiring an additional 2,162 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Concentrix by 19.7% during the second quarter. State of Alaska Department of Revenue now owns 77,478 shares of the company's stock valued at $4,094,000 after acquiring an additional 12,745 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Concentrix during the first quarter valued at $495,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Concentrix by 687.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 50,270 shares of the company's stock valued at $2,797,000 after acquiring an additional 43,888 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other 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.

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