Canaccord Genuity Group Reaffirms Buy Rating for Concentrix (NASDAQ:CNXC)

Canaccord Genuity Group reissued their buy rating on shares of Concentrix (NASDAQ:CNXC) in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a $125.00 target price on the stock.

Other research analysts have also issued research reports about the company. Bank of America reiterated an underperform rating and issued a $60.00 price target (down previously from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Scotiabank cut their target price on Concentrix from $120.00 to $85.00 and set a sector outperform rating on the stock in a research report on Monday, April 29th. Finally, Barrington Research restated an outperform rating and issued a $84.00 price target on shares of Concentrix in a research report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Concentrix currently has an average rating of Hold and a consensus price target of $84.80.

Concentrix Price Performance

Concentrix stock opened at $63.28 on Thursday. Concentrix has a 52-week low of $53.89 and a 52-week high of $106.10. The company has a market cap of $4.18 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 0.73 and a beta of 0.60. The firm’s fifty day moving average is $60.39 and its 200 day moving average is $73.19. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 6th. Stockholders of record on Friday, July 26th will be given a dividend of $0.303 per share. The ex-dividend date is Friday, July 26th. This represents a $1.21 annualized dividend and a dividend yield of 1.92%. Concentrix’s dividend payout ratio (DPR) is 28.01%.

Insider Activity

In related news, CEO Christopher A. Caldwell acquired 900 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The stock was bought at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the acquisition, the chief executive officer now directly owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders purchased 1,679 shares of company stock valued at $98,546. 3.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Concentrix

Several hedge funds have recently made changes to their positions in CNXC. First Horizon Advisors Inc. lifted its stake in Concentrix by 381.7% in the fourth quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock worth $34,000 after acquiring an additional 271 shares during the period. Pineridge Advisors LLC purchased a new stake in shares of Concentrix in the 4th quarter worth approximately $35,000. Parkside Financial Bank & Trust increased its holdings in Concentrix by 146.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock valued at $62,000 after buying an additional 374 shares during the period. Blue Trust Inc. raised its stake in Concentrix by 29.8% in the fourth quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock worth $113,000 after buying an additional 264 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Concentrix by 49.8% during the first quarter. Covestor Ltd now owns 1,918 shares of the company’s stock worth $127,000 after buying an additional 638 shares during the period. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

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.