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

Concentrix (NASDAQ:CNXC) had its target price lowered by stock analysts at Scotiabank from $120.00 to $85.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 50.20% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Bank of America restated 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. Barrington Research lowered their price objective on Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $74.75.

Concentrix Trading Up 2.9 %

CNXC stock traded up $1.58 during midday trading on Monday, reaching $56.59. The stock had a trading volume of 207,636 shares, compared to its average volume of 542,410. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 0.63 and a beta of 0.48. Concentrix has a twelve month low of $54.16 and a twelve month high of $106.10. The business has a fifty day simple moving average of $64.81 and a two-hundred day simple moving average of $80.95. 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 released 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 for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. As a group, research analysts expect that Concentrix will post 11.03 EPS for the current fiscal year.

Insider Activity

In related news, CEO Christopher A. Caldwell bought 900 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was bought at an average cost 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have bought 1,879 shares of company stock worth $116,400. 3.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC purchased a new position in Concentrix during the third quarter valued at $1,549,000. Phocas Financial Corp. bought a new stake in Concentrix during the fourth quarter worth approximately $3,604,000. Copeland Capital Management LLC purchased a new position in shares of Concentrix during the fourth quarter valued at approximately $40,339,000. Blue Trust Inc. boosted its position in shares of Concentrix by 29.8% during the fourth quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after buying an additional 264 shares during the period. Finally, Mariner LLC boosted its position in shares of Concentrix by 211.5% during the third quarter. Mariner LLC now owns 19,182 shares of the company’s stock valued at $1,537,000 after buying an additional 13,024 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.