Concentrix (NASDAQ:CNXC) Sets New 1-Year Low – What’s Next?

by · The Cerbat Gem

Concentrix Corporation (NASDAQ:CNXC – Get Free Report)’s share price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $34.48 and last traded at $34.7250, with a volume of 376559 shares trading hands. The stock had previously closed at $36.63.

Analyst Ratings Changes

CNXC has been the topic of a number of recent research reports. Barrington Research reaffirmed an “outperform” rating and issued a $62.00 price objective on shares of Concentrix in a research note on Wednesday, September 24th. Weiss Ratings raised shares of Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. Robert W. Baird reduced their price target on Concentrix from $75.00 to $62.00 and set an “outperform” rating for the company in a research report on Monday, September 29th. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price objective on shares of Concentrix in a report on Tuesday, September 23rd. Finally, Wall Street Zen upgraded shares of Concentrix from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Concentrix currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.25.

View Our Latest Analysis on Concentrix

Concentrix Price Performance

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of 7.30, a P/E/G ratio of 0.55 and a beta of 0.49. The business’s 50 day simple moving average is $48.58 and its 200-day simple moving average is $51.91.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 4th. Shareholders of record on Friday, October 24th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Friday, October 24th. This is a boost from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s payout ratio is currently 30.44%.

Insider Activity

In other Concentrix news, CEO Christopher A. Caldwell purchased 2,000 shares of the business’s stock in a transaction dated Thursday, October 30th. The shares were bought at an average price of $42.03 per share, for a total transaction of $84,060.00. Following the completion of the acquisition, the chief executive officer owned 286,661 shares in the company, valued at approximately $12,048,361.83. This trade represents a 0.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 4,000 shares of company stock valued at $169,410 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Concentrix

A number of hedge funds have recently bought and sold shares of the company. Teacher Retirement System of Texas acquired a new position in Concentrix in the first quarter valued at approximately $316,000. Envestnet Asset Management Inc. increased its stake in shares of Concentrix by 7.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 165,581 shares of the company’s stock valued at $9,213,000 after acquiring an additional 12,162 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in shares of Concentrix during the 1st quarter valued at $1,179,000. Cerity Partners LLC bought a new position in Concentrix during the first quarter worth $3,773,000. Finally, CWM LLC grew its holdings in Concentrix by 8,608.1% in the first quarter. CWM LLC now owns 66,617 shares of the company’s stock worth $3,707,000 after purchasing an additional 65,852 shares during the period. Institutional investors own 90.34% of the company’s stock.

Concentrix Company Profile

(Get Free Report)

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.

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