Brokerages Set Concentrix Corporation (NASDAQ:CNXC) PT at $48.50

Shares of Concentrix Corporation (NASDAQ:CNXC) have received a consensus recommendation of “Hold” from the five brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $48.50.

Several research firms have recently weighed in on CNXC. Canaccord Genuity Group cut their price objective on Concentrix from $80.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Wall Street Zen cut Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Robert W. Baird cut their price objective on Concentrix from $52.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, March 25th. Barrington Research cut their price objective on Concentrix from $62.00 to $38.00 and set an “outperform” rating on the stock in a report on Wednesday, March 25th. Finally, Weiss Ratings cut Concentrix from a “hold (c-)” rating to a “sell (d)” rating in a report on Thursday, January 29th.

Concentrix Price Performance

Shares of CNXC opened at $29.55 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.43. Concentrix has a 1 year low of $24.27 and a 1 year high of $62.14. The stock has a market cap of $1.80 billion, a P/E ratio of -1.37, a price-to-earnings-growth ratio of 0.38 and a beta of 0.50. The stock’s 50-day moving average price is $30.33 and its two-hundred day moving average price is $36.85.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Tuesday, March 24th. The company reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.04). Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter last year, the business posted $2.79 EPS. Concentrix’s quarterly revenue was up 5.4% on a year-over-year basis. On average, equities analysts predict that Concentrix will post 10.42 earnings per share for the current year.

Concentrix Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Friday, April 24th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Friday, April 24th. Concentrix’s dividend payout ratio (DPR) is currently -6.68%.

Insider Buying and Selling

In other news, CFO Andre S. Valentine bought 2,500 shares of the company’s stock in a transaction that occurred on Thursday, April 9th. The shares were acquired at an average price of $27.95 per share, with a total value of $69,875.00. Following the transaction, the chief financial officer owned 89,066 shares in the company, valued at $2,489,394.70. This represents a 2.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. Caldwell bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was purchased at an average cost of $37.07 per share, for a total transaction of $37,070.00. Following the transaction, the chief executive officer owned 362,075 shares in the company, valued at $13,422,120.25. The trade was a 0.28% increase in their position. The SEC filing for this purchase provides additional information. 0.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Concentrix

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its position in shares of Concentrix by 9.5% during the 1st quarter. Royal Bank of Canada now owns 47,501 shares of the company’s stock worth $2,643,000 after purchasing an additional 4,133 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Concentrix by 75.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company’s stock worth $23,552,000 after purchasing an additional 181,546 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Concentrix by 17.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,515 shares of the company’s stock worth $8,152,000 after purchasing an additional 21,746 shares during the last quarter. Focus Partners Wealth acquired a new position in shares of Concentrix during the 1st quarter worth approximately $781,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Concentrix by 532.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock worth $34,000 after purchasing an additional 522 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Company Profile

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology?driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back?office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.