Analysts Set Concentrix Co. (NASDAQ:CNXC) Price Target at $79.00

Concentrix Co. (NASDAQ:CNXC) has received a consensus recommendation of “Buy” from the six analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $75.00.

A number of research firms have recently weighed in on CNXC. Barrington Research dropped their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Bank of America dropped their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. Robert W. Baird began coverage on Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Baird R W raised Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Canaccord Genuity Group dropped their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th.

Institutional Investors Weigh In On Concentrix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new stake in Concentrix during the second quarter valued at approximately $68,000. Quarry LP raised its position in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after purchasing an additional 1,101 shares during the period. KBC Group NV raised its position in Concentrix by 68.3% during the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after purchasing an additional 815 shares during the period. Finally, Quest Partners LLC purchased a new stake in Concentrix during the third quarter valued at approximately $146,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Concentrix Stock Performance

NASDAQ:CNXC opened at $50.32 on Thursday. The stock has a 50-day simple moving average of $44.12 and a two-hundred day simple moving average of $54.44. Concentrix has a 52-week low of $36.28 and a 52-week high of $106.10. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.57 and a current ratio of 1.42. The firm has a market capitalization of $3.26 billion, a PE ratio of 13.56, a P/E/G ratio of 0.68 and a beta of 0.63.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the company posted $3.36 earnings per share. Concentrix’s revenue for the quarter was up 9.7% on a year-over-year basis. Analysts forecast that Concentrix will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Friday, January 31st will be paid a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, January 31st. Concentrix’s payout ratio is presently 35.85%.

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.