Concentrix (NASDAQ:CNXC) Upgraded to “Strong-Buy” by Baird R W

Baird R W upgraded shares of Concentrix (NASDAQ:CNXC) to a strong-buy rating in a report issued on Thursday, Zacks.com reports.

A number of other research analysts have also recently commented on CNXC. Canaccord Genuity Group decreased their target price on Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research report on Thursday, September 26th. Bank of America decreased their price target on Concentrix from $85.00 to $70.00 and set a neutral rating for the company in a report on Thursday, September 26th. Barrington Research dropped their price objective on shares of Concentrix from $84.00 to $70.00 and set an outperform rating on the stock in a research note on Thursday, September 26th. Finally, Robert W. Baird assumed coverage on shares of Concentrix in a research note on Thursday. They issued an outperform rating and a $70.00 target price for the company. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Buy and an average target price of $79.00.

Concentrix Stock Performance

NASDAQ CNXC opened at $52.58 on Thursday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.56. Concentrix has a 1-year low of $50.23 and a 1-year high of $106.10. The firm has a market capitalization of $3.42 billion, a P/E ratio of 12.17, a P/E/G ratio of 0.71 and a beta of 0.58. The business’s 50-day simple moving average is $65.82 and its 200-day simple moving average is $63.24.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the firm earned $2.54 earnings per share. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. Equities analysts predict that Concentrix will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be paid a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is 28.01%.

Insider Buying and Selling

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $74.63, for a total transaction of $29,852.00. Following the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,167 shares of company stock worth $653,747. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of Concentrix

Several hedge funds have recently made changes to their positions in the stock. Groupe Bruxelles Lambert acquired a new stake in shares of Concentrix in the fourth quarter valued at approximately $861,662,000. Vanguard Group Inc. raised its stake in Concentrix by 23.9% during the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after acquiring an additional 1,034,546 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in Concentrix during the 2nd quarter worth $62,738,000. Pzena Investment Management LLC grew its stake in shares of Concentrix by 246.3% in the first quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock worth $67,095,000 after purchasing an additional 720,616 shares in the last quarter. Finally, Impactive Capital LP increased its holdings in shares of Concentrix by 13.0% during the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after purchasing an additional 443,045 shares during the period. Institutional investors 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.