10 Oversold Tech Stocks To Buy Right Now

5. Concentrix Corporation (NASDAQ:CNXC)  

Number of Hedge Fund Investors: 25  

Forward P/E Ratio as of October 15: 3.92  

YTD Performance as of October 15: -49.88%  

Concentrix Corporation (NASDAQ:CNXC) is a global technology and services company that offers customer experience (CX) solutions to various industries, including technology, retail, banking, communications, and healthcare. The company’s revenue model is tied to the hours billed for services or transaction volumes processed for its clients. Concentrix Corporation (NASDAQ:CNXC) has a strong foothold in the market, with a diverse range of clients across different sectors. The company’s global operations span across North America, EMEA, APAC, and LATAM

Concentrix Corporation’s (NASDAQ:CNXC) CX solutions are in high demand, and its ability to offer a range of services, including process automation and data analytics, sets it apart from its competitors. Furthermore, the company’s global presence and diverse customer base provide a solid foundation for long-term growth.

In Q2, Concentrix Corporation (NASDAQ:CNXC) reported a 47.4% year-over-year revenue growth, exceeding expectations. This growth has been driven by the acquisition of Webhelp in Q4 2023, which has expanded the company’s customer base and increased its revenue potential. Additionally, the company’s adjusted free cash flow was $200 million in Q2, and management has reaffirmed its goal of reaching $700 million in adjusted free cash flow for the full year.

Concentrix Corporation’s (NASDAQ:CNXC) investment in technology and generative AI is also a positive development. The company’s AI initiatives in knowledge management, customer support, and automation are expected to drive efficiency and improve the company’s competitive position in the market. Additionally, the company’s patent for its AI platform, GILES, which automates coding and testing, is a significant achievement and demonstrates the company’s commitment to innovation.

Concentrix Corporation’s (NASDAQ:CNXC) strong financial performance, solid position in the customer experience industry, and investment in technology and AI make it an attractive investment opportunity. Industry analysts are bullish on the company’s stock price and have a consensus Buy rating at a target price of $76.83, which implies a 39.66% increase from its current level.