SYNNEX (SNX) Stock Rating Lowered by ValuEngine

ValuEngine cut shares of SYNNEX (NYSE:SNX) from a sell rating to a strong sell rating in a research report released on Tuesday.

A number of other brokerages also recently issued reports on SNX. Zacks Investment Research raised shares of SYNNEX from a sell rating to a hold rating in a research report on Tuesday, June 5th. Needham & Company LLC reaffirmed a buy rating and issued a $135.00 price objective (down from $151.00) on shares of SYNNEX in a research report on Monday, April 2nd. They noted that the move was a valuation call. TheStreet downgraded shares of SYNNEX from a b rating to a c+ rating in a research report on Friday, April 20th. Pivotal Research set a $135.00 price objective on shares of SYNNEX and gave the stock a buy rating in a research report on Monday, April 2nd. Finally, SunTrust Banks reaffirmed a buy rating and issued a $130.00 price objective on shares of SYNNEX in a research report on Tuesday, April 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $143.29.

Shares of SNX stock opened at $106.74 on Tuesday. SYNNEX has a 52-week low of $93.87 and a 52-week high of $141.94. The company has a quick ratio of 0.86, a current ratio of 1.48 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of 12.05 and a beta of 0.98.

SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Thursday, June 28th. The business services provider reported $2.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.30 by $0.08. SYNNEX had a net margin of 1.46% and a return on equity of 16.52%. The business had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the firm posted $2.08 EPS. The firm’s quarterly revenue was up 26.3% compared to the same quarter last year. equities analysts expect that SYNNEX will post 10.21 EPS for the current year.

In other SYNNEX news, Director Thomas S. Wurster sold 600 shares of the business’s stock in a transaction dated Friday, May 11th. The shares were sold at an average price of $110.01, for a total value of $66,006.00. Following the transaction, the director now directly owns 11,426 shares in the company, valued at $1,256,974.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Simon Leung sold 1,000 shares of the business’s stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $100.64, for a total transaction of $100,640.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,500 shares of company stock worth $2,014,020. Corporate insiders own 3.20% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNX. Integre Asset Management LLC boosted its stake in SYNNEX by 54.5% in the first quarter. Integre Asset Management LLC now owns 1,700 shares of the business services provider’s stock valued at $201,000 after acquiring an additional 600 shares during the last quarter. Csenge Advisory Group purchased a new position in SYNNEX in the first quarter valued at about $229,000. Zeke Capital Advisors LLC purchased a new position in SYNNEX in the fourth quarter valued at about $252,000. BlueCrest Capital Management Ltd purchased a new position in SYNNEX in the fourth quarter valued at about $280,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of SYNNEX by 332.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,400 shares of the business services provider’s stock valued at $285,000 after buying an additional 1,845 shares in the last quarter. Hedge funds and other institutional investors own 72.54% of the company’s stock.

SYNNEX Company Profile

SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.

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Analyst Recommendations for SYNNEX (NYSE:SNX)

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