Concentrix (NASDAQ:CNXC) Lifted to Neutral at Bank of America

Concentrix (NASDAQ:CNXC) was upgraded by Bank of America from an “underperform” rating to a “neutral” rating in a research report issued on Wednesday, FinViz reports. The firm currently has a $85.00 price target on the stock, up from their previous price target of $65.00. Bank of America‘s target price would indicate a potential upside of 17.50% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $125.00 price objective on shares of Concentrix in a report on Thursday, June 27th. Barrington Research reissued an “outperform” rating and issued a $84.00 target price on shares of Concentrix in a report on Friday, June 21st. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Concentrix presently has an average rating of “Moderate Buy” and a consensus price target of $89.80.

Concentrix Trading Up 0.9 %

Shares of NASDAQ CNXC opened at $72.34 on Wednesday. Concentrix has a 52-week low of $53.89 and a 52-week high of $106.10. The company has a market cap of $4.73 billion, a PE ratio of 16.75, a P/E/G ratio of 0.70 and a beta of 0.61. The firm’s 50 day moving average price is $66.02 and its 200-day moving average price is $64.88. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.56 and a current ratio of 1.54.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, June 26th. The company reported $2.69 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.06. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the company earned $2.50 EPS. The company’s quarterly revenue was up 47.4% compared to the same quarter last year. On average, equities research analysts expect that Concentrix will post 10.8 EPS for the current fiscal year.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $67.23, for a total value of $26,892.00. Following the completion of the sale, the executive vice president now directly owns 29,727 shares of the company’s stock, valued at approximately $1,998,546.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CNXC. Groupe Bruxelles Lambert purchased a new position in shares of Concentrix in the fourth quarter valued at about $861,662,000. Vanguard Group Inc. lifted its holdings in Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after purchasing an additional 1,034,546 shares in the last quarter. 1832 Asset Management L.P. bought a new position in Concentrix in the 2nd quarter worth approximately $62,738,000. Pzena Investment Management LLC grew its holdings in Concentrix by 246.3% during the 1st quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock valued at $67,095,000 after buying an additional 720,616 shares in the last quarter. Finally, Impactive Capital LP raised its position 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 buying an additional 443,045 shares during the last quarter. 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.