Zacks Investment Research downgraded shares of SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a report issued on Wednesday.
According to Zacks, “SYNNEX Corporation, a business process services company, provides business-to-business services that help their customers and business partners grow and enhance their customer-engagement strategies. Headquartered in Fremont, CA, and with operations in more than 30 countries, SYNNEX is an industry leader in IT distribution and customer care outsourced services, operating in two business segments: Technology Solutions and Concentrix. SYNNEX brings the most relevant technology solutions to the IT and consumer electronics markets to help their partners sustainably grow their business. With more than 100,000 associates operating in 25 countries and with fluency in over 40 languages, their Concentrix division delivers high-value business services and solutions for the customer-relationship lifecycle to more than 450 clients. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and was ranked 198 on the 2017 Fortune 500. “
Several other brokerages have also recently issued reports on SNX. ValuEngine cut SYNNEX from a buy rating to a hold rating in a report on Friday, February 2nd. Pivotal Research raised SYNNEX from a hold rating to a buy rating and set a $150.00 price objective on the stock in a report on Wednesday, January 31st. Loop Capital upped their price objective on SYNNEX from $1.00 to $160.00 and gave the stock a buy rating in a report on Wednesday, January 10th. Needham & Company LLC upped their price objective on SYNNEX from $145.00 to $151.00 and gave the stock a buy rating in a report on Wednesday, January 10th. Finally, Citigroup reaffirmed a neutral rating and set a $150.00 price objective on shares of SYNNEX in a report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $145.38.
SYNNEX (NYSE SNX) opened at $126.19 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 0.50. SYNNEX has a twelve month low of $101.48 and a twelve month high of $141.94. The company has a market capitalization of $4,938.61, a P/E ratio of 16.77 and a beta of 0.90.
SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Tuesday, January 9th. The business services provider reported $2.79 EPS for the quarter, topping the Zacks’ consensus estimate of $2.69 by $0.10. SYNNEX had a return on equity of 16.43% and a net margin of 1.77%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the firm earned $2.57 EPS. The firm’s revenue was up 36.7% compared to the same quarter last year. analysts anticipate that SYNNEX will post 10.42 earnings per share for the current year.
In other news, Director Andrea M. Zulberti sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $137.91, for a total transaction of $206,865.00. Following the transaction, the director now owns 13,922 shares of the company’s stock, valued at approximately $1,919,983.02. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas S. Wurster sold 300 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $136.57, for a total value of $40,971.00. Following the transaction, the director now directly owns 10,531 shares in the company, valued at approximately $1,438,218.67. The disclosure for this sale can be found here. Insiders have sold a total of 1,268,400 shares of company stock worth $165,286,532 over the last ninety days. Insiders own 3.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNX. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of SYNNEX by 48.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,663 shares of the business services provider’s stock valued at $226,000 after purchasing an additional 541 shares during the last quarter. Zeke Capital Advisors LLC bought a new position in shares of SYNNEX during the 4th quarter valued at approximately $252,000. Canada Pension Plan Investment Board increased its position in shares of SYNNEX by 175.0% during the 3rd quarter. Canada Pension Plan Investment Board now owns 2,200 shares of the business services provider’s stock valued at $278,000 after purchasing an additional 1,400 shares during the last quarter. BlueCrest Capital Management Ltd bought a new position in shares of SYNNEX during the 4th quarter valued at approximately $280,000. Finally, Oakbrook Investments LLC increased its position in shares of SYNNEX by 30.3% during the 4th quarter. Oakbrook Investments LLC now owns 2,150 shares of the business services provider’s stock valued at $292,000 after purchasing an additional 500 shares during the last quarter. 71.86% 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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