Concentrix (NASDAQ:CNXC) Stock Price Expected to Rise, Bank of America Analyst Says

Concentrix (NASDAQ:CNXC) had its price objective hoisted by analysts at Bank of America from $58.00 to $59.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 3.60% from the stock’s previous close.

A number of other analysts also recently commented on CNXC. Canaccord Genuity Group decreased their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Barrington Research decreased their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, March 24th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $69.60.

Concentrix Stock Performance

Shares of CNXC stock opened at $56.95 on Thursday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a 50 day simple moving average of $48.06 and a 200-day simple moving average of $47.75. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. Concentrix has a 12-month low of $36.28 and a 12-month high of $77.00.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter last year, the company earned $2.57 earnings per share. Concentrix’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, equities analysts forecast that Concentrix will post 10.11 EPS for the current year.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Concentrix

Several institutional investors and hedge funds have recently modified their holdings of CNXC. Steward Partners Investment Advisory LLC grew its stake in Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the period. Venturi Wealth Management LLC grew its position in shares of Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after purchasing an additional 490 shares during the period. Parkside Financial Bank & Trust increased its stake in Concentrix by 58.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after purchasing an additional 444 shares during the last quarter. KBC Group NV increased its stake in Concentrix by 68.3% in 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 last quarter. Finally, Quarry LP lifted its position in Concentrix by 843.9% during the fourth quarter. Quarry LP now owns 2,539 shares of the company’s stock worth $110,000 after buying an additional 2,270 shares during the period. Hedge funds and other 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.