Concentrix (NASDAQ:CNXC) Given New $85.00 Price Target at Scotiabank

Concentrix (NASDAQ:CNXC) had its price objective cut by Scotiabank from $120.00 to $85.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 50.20% from the company’s current price.

Several other analysts also recently commented on CNXC. Bank of America reaffirmed an “underperform” rating and set a $60.00 target price (down previously from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Barrington Research reduced their price objective on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $74.75.

Concentrix Stock Performance

Shares of NASDAQ:CNXC traded up $1.58 on Monday, hitting $56.59. 207,636 shares of the company were exchanged, compared to its average volume of 542,410. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. The company’s 50 day moving average price is $64.81 and its two-hundred day moving average price is $80.95. Concentrix has a one year low of $54.16 and a one year high of $106.10. The firm has a market capitalization 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 (NASDAQ:CNXC) last released its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. Research analysts expect that Concentrix will post 11.03 earnings per share for the current year.

Insider Activity

In related news, CEO Christopher A. Caldwell purchased 900 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were acquired at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the purchase, the chief executive officer now directly owns 239,128 shares in the company, valued at $13,053,997.52. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders acquired a total of 1,879 shares of company stock valued at $116,400 in the last 90 days. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Hedge funds and other institutional investors have recently bought and sold shares of the company. First Horizon Advisors Inc. raised its holdings in shares of 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 buying an additional 271 shares during the last quarter. Pineridge Advisors LLC purchased a new position in shares of Concentrix in the fourth quarter worth $35,000. Parkside Financial Bank & Trust raised its holdings in shares of Concentrix by 146.1% in the fourth quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock worth $62,000 after buying an additional 374 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Concentrix during the third quarter worth $65,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Concentrix by 134.9% during the third quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock worth $105,000 after purchasing an additional 754 shares during the last quarter. Hedge funds and other 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.