Citigroup Reiterates “Neutral” Rating for SYNNEX (SNX)

Citigroup reissued their neutral rating on shares of SYNNEX (NYSE:SNX) in a report released on Wednesday, January 10th, The Fly reports. Citigroup currently has a $150.00 target price on the business services provider’s stock.

SNX has been the subject of several other research reports. Pivotal Research reaffirmed a hold rating and set a $150.00 price objective (up previously from $138.00) on shares of SYNNEX in a research note on Wednesday, January 10th. Stifel Nicolaus reissued a buy rating and issued a $132.00 price target on shares of SYNNEX in a research note on Tuesday, October 17th. Zacks Investment Research cut shares of SYNNEX from a buy rating to a hold rating in a research note on Tuesday, November 28th. SunTrust Banks initiated coverage on shares of SYNNEX in a research note on Thursday, December 7th. They issued a buy rating and a $145.00 price objective for the company. Finally, ValuEngine raised shares of SYNNEX from a hold rating to a buy rating in a research note on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $145.38.

SYNNEX (NYSE:SNX) traded down $1.74 on Wednesday, hitting $111.72. 104,537 shares of the company were exchanged, compared to its average volume of 307,450. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.42 and a quick ratio of 0.89. SYNNEX has a one year low of $101.48 and a one year high of $141.94. The company has a market capitalization of $4,800.01, a price-to-earnings ratio of 15.13 and a beta of 0.93.

SYNNEX (NYSE:SNX) last released its quarterly earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.69 by $0.10. SYNNEX had a net margin of 1.77% and a return on equity of 16.43%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the firm earned $2.57 earnings per share. The firm’s revenue was up 36.7% on a year-over-year basis. analysts predict that SYNNEX will post 10.42 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Friday, January 19th were issued a $0.35 dividend. The ex-dividend date was Thursday, January 18th. This is a positive change from SYNNEX’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 1.25%. SYNNEX’s dividend payout ratio is 18.67%.

In related news, CFO Marshall Witt sold 300 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $122.00, for a total transaction of $36,600.00. Following the sale, the chief financial officer now directly owns 10,531 shares of the company’s stock, valued at approximately $1,284,782. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin M. Murai sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $128.81, for a total transaction of $257,620.00. Following the sale, the chief executive officer now directly owns 144,125 shares in the company, valued at approximately $18,564,741.25. The disclosure for this sale can be found here. Insiders sold a total of 1,270,900 shares of company stock valued at $165,646,756 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisor Group Inc. lifted its stake in shares of SYNNEX by 50.1% in the 2nd quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock worth $112,000 after purchasing an additional 310 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of SYNNEX by 9.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock worth $135,000 after purchasing an additional 96 shares during the period. Affinity Wealth Management lifted its stake in shares of SYNNEX by 1.9% in the 2nd quarter. Affinity Wealth Management now owns 1,869 shares of the business services provider’s stock worth $224,000 after purchasing an additional 34 shares during the period. Shelton Capital Management bought a new position in shares of SYNNEX in the 2nd quarter worth approximately $246,000. Finally, Riverhead Capital Management LLC lifted its stake in shares of SYNNEX by 74.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,098 shares of the business services provider’s stock worth $252,000 after purchasing an additional 898 shares during the period. 71.22% of the stock is currently owned by hedge funds and other institutional investors.

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SYNNEX Company Profile

Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.

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