Weiss Ratings Upgrades Concentrix (NASDAQ:CNXC) to Hold (C-)

Key Points

• Weiss Ratings has upgraded Concentrix (NASDAQ:CNXC) from a "sell (d+)" to a "hold (c-)" rating, reflecting a cautious improvement in the company’s outlook.
• Other analysts have mixed views; Barrington Research maintains an "outperform" rating with a $62 target, while Canaccord Genuity lowered their target to $80 from $75, with general sentiment around a "Moderate Buy".
• Concentrix shares saw a slight increase of 0.6%, reaching $48.06, while the company possesses a market capitalization of $2.99 billion.

Concentrix (NASDAQ:CNXC - Get Free Report) was upgraded by stock analysts at Weiss Ratings from a "sell (d+)" rating to a "hold (c-)" rating in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Other research analysts also recently issued research reports about the company. Barrington Research reaffirmed an "outperform" rating and set a $62.00 target price on shares of Concentrix in a report on Wednesday, September 24th. Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 target price on shares of Concentrix in a report on Tuesday, September 23rd. Robert W. Baird reduced their target price on Concentrix from $75.00 to $62.00 and set an "outperform" rating on the stock in a report on Monday, September 29th. Finally, Bank of America dropped their price target on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research report on Friday, June 27th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Concentrix currently has an average rating of "Moderate Buy" and an average target price of $66.25.

Concentrix Stock Up 0.6%

Shares of CNXC stock traded up $0.30 during trading hours on Wednesday, reaching $48.06. The company had a trading volume of 711,865 shares, compared to its average volume of 1,094,180. The company has a market capitalization of $2.99 billion, a P/E ratio of 10.16, a price-to-earnings-growth ratio of 0.69 and a beta of 0.50. Concentrix has a twelve month low of $36.28 and a twelve month high of $66.00. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.61 and a current ratio of 1.56. The stock's fifty day simple moving average is $50.60 and its 200 day simple moving average is $52.76.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction on 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 sale, the executive vice president directly owned 37,130 shares of the company's stock, valued at $2,150,198.30. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Concentrix

Hedge funds and other institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. raised its holdings in Concentrix by 532.7% during the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after buying an additional 522 shares in the last quarter. UMB Bank n.a. grew its position in Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after buying an additional 217 shares in the last quarter. IFP Advisors Inc grew its position in Concentrix by 473.8% during the second quarter. IFP Advisors Inc now owns 700 shares of the company's stock worth $37,000 after buying an additional 578 shares in the last quarter. First Horizon Advisors Inc. grew its position in Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after buying an additional 444 shares in the last quarter. Finally, True Wealth Design LLC boosted its holdings in Concentrix by 39.3% during the second quarter. True Wealth Design LLC now owns 1,163 shares of the company's stock valued at $61,000 after purchasing an additional 328 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.

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