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

Concentrix Corporation (NASDAQ:CNXC) reached a new 52-week low during trading on Friday . The stock traded as low as $34.48 and last traded at $34.7250, with a volume of 376559 shares changing hands. The stock had previously closed at $36.63.

Analysts Set New Price Targets

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

Concentrix Price Performance

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

Concentrix Increases Dividend

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

Insider Buying and Selling

In other news, CEO Christopher A. Caldwell acquired 2,000 shares of Concentrix stock in a transaction on Thursday, October 30th. The stock was acquired at an average cost of $42.03 per share, with a total value 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased a total of 4,000 shares of company stock valued at $169,410 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Geneos Wealth Management Inc. grew its holdings in Concentrix by 532.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock valued at $34,000 after buying an additional 522 shares in the last quarter. Quent Capital LLC purchased a new position in Concentrix during the third quarter valued at approximately $29,000. IFP Advisors Inc grew its stake in Concentrix by 473.8% during the second quarter. IFP Advisors Inc now owns 700 shares of the company’s stock valued at $37,000 after acquiring an additional 578 shares in the last quarter. Rothschild Investment LLC increased its holdings in Concentrix by 14,980.0% during the 3rd quarter. Rothschild Investment LLC now owns 754 shares of the company’s stock worth $35,000 after acquiring an additional 749 shares during the period. Finally, True Wealth Design LLC lifted its stake in Concentrix by 39.3% in the 2nd quarter. True Wealth Design LLC now owns 1,163 shares of the company’s stock worth $61,000 after purchasing an additional 328 shares in the last quarter. 90.34% of the stock is owned by institutional investors.

Concentrix Company Profile

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.