Concentrix (NASDAQ:CNXC) Upgraded at Baird R W

06 Oct 2024, 02:32 by Doug Wharley · The Cerbat Gem

Baird R W upgraded shares of Concentrix (NASDAQ:CNXC – Free Report) to a strong-buy rating in a research note issued to investors on Thursday, Zacks.com reports.

Several other equities analysts have also recently weighed in on the company. Robert W. Baird initiated coverage on Concentrix in a report on Thursday. They issued an outperform rating and a $70.00 price objective for the company. Bank of America dropped their price target on Concentrix from $85.00 to $70.00 and set a neutral rating for the company in a research note on Thursday, September 26th. Barrington Research reduced their price objective on shares of Concentrix from $84.00 to $70.00 and set an outperform rating on the stock in a research note on Thursday, September 26th. Finally, Canaccord Genuity Group dropped their target price on shares of Concentrix from $125.00 to $100.00 and set a buy rating for the company in a research report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Concentrix has a consensus rating of Buy and an average target price of $79.00.

Read Our Latest Report on CNXC

Concentrix Price Performance

NASDAQ:CNXC opened at $52.58 on Thursday. Concentrix has a 52 week low of $50.23 and a 52 week high of $106.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.56 and a current ratio of 1.57. The firm’s 50-day simple moving average is $65.82 and its 200 day simple moving average is $63.22. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 0.71 and a beta of 0.58.

Concentrix (NASDAQ:CNXC – Get Free Report) last announced its earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The firm’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.54 earnings per share. As a group, sell-side analysts predict that Concentrix will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be given a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is currently 28.01%.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the transaction, the executive vice president now owns 27,783 shares of the company’s stock, valued at $1,427,490.54. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the sale, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,167 shares of company stock valued at $653,747. 3.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Pineridge Advisors LLC acquired a new position in Concentrix during the 4th quarter worth about $35,000. Hexagon Capital Partners LLC lifted its stake in shares of Concentrix by 2,992.3% in the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after acquiring an additional 389 shares during the period. GAMMA Investing LLC boosted its holdings in Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after acquiring an additional 402 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Concentrix by 54.0% in the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after acquiring an additional 285 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in Concentrix during the 2nd quarter valued at approximately $68,000. Institutional investors own 90.34% of the company’s stock.

About Concentrix

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