Scotiabank Cuts Concentrix (NASDAQ:CNXC) Price Target to $85.00

Concentrix (NASDAQ:CNXC) had its price objective cut by Scotiabank from $120.00 to $85.00 in a report published on Monday, Benzinga reports. They currently have a sector outperform rating on the stock.

Several other brokerages also recently commented on CNXC. Barrington Research lowered their price objective on Concentrix from $121.00 to $84.00 and set an outperform rating on the stock in a research report on Wednesday, March 27th. Bank of America reissued an underperform rating and issued a $60.00 price target (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Concentrix currently has an average rating of Hold and a consensus target price of $74.75.

Concentrix Stock Up 1.2 %

CNXC stock opened at $55.30 on Monday. The business’s 50-day moving average price is $63.73 and its 200-day moving average price is $80.61. The stock has a market cap of $3.65 billion, a P/E ratio of 11.40, a PEG ratio of 0.64 and a beta of 0.48. Concentrix has a twelve month low of $53.89 and a twelve month high of $106.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.23.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. On average, equities research analysts forecast that Concentrix will post 11.03 EPS for the current year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Investors of record on Friday, April 26th will be paid a dividend of $0.303 per share. The ex-dividend date is Thursday, April 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.21 dividend on an annualized basis and a yield of 2.19%. Concentrix’s dividend payout ratio is presently 24.95%.

Insiders Place Their Bets

In other news, CEO Christopher A. Caldwell bought 900 shares of the stock in a transaction dated Friday, April 19th. The stock was purchased at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the transaction, the chief executive officer now owns 239,128 shares of the company’s stock, valued at $13,053,997.52. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought a total of 1,679 shares of company stock valued at $98,546 in the last quarter. 3.00% of the stock is currently owned by insiders.

Institutional Trading of Concentrix

Several hedge funds have recently made changes to their positions in CNXC. First Horizon Advisors Inc. raised its position in Concentrix by 381.7% during the fourth quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock valued at $34,000 after purchasing an additional 271 shares during the period. Pineridge Advisors LLC bought a new stake in Concentrix in the fourth quarter worth $35,000. Parkside Financial Bank & Trust boosted its stake in Concentrix by 146.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock worth $62,000 after buying an additional 374 shares during the period. Headlands Technologies LLC bought a new position in Concentrix during the third quarter valued at $65,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Concentrix by 134.9% in the third quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock valued at $105,000 after acquiring an additional 754 shares during the period. 90.34% of the stock is currently 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.