Shares of SYNNEX Co. (NYSE:SNX) have received an average recommendation of “Buy” from the ten research firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $131.50.
SNX has been the topic of a number of research reports. Zacks Investment Research raised shares of SYNNEX from a “sell” rating to a “hold” rating in a research note on Tuesday, August 21st. Needham & Company LLC raised shares of SYNNEX from a “buy” rating to a “strong-buy” rating and set a $135.00 price target on the stock in a research note on Thursday, October 4th. Stifel Nicolaus cut their price target on shares of SYNNEX from $130.00 to $114.00 and set a “buy” rating on the stock in a research note on Thursday, October 4th. TheStreet lowered shares of SYNNEX from a “b-” rating to a “c+” rating in a research note on Friday, October 12th. Finally, SunTrust Banks cut their price target on shares of SYNNEX to $100.00 and set a “buy” rating on the stock in a research note on Thursday, October 4th.
SYNNEX stock traded down $1.72 during midday trading on Friday, hitting $75.59. 579,713 shares of the stock were exchanged, compared to its average volume of 344,930. SYNNEX has a 52 week low of $71.82 and a 52 week high of $141.94. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of 8.53 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.51 and a quick ratio of 0.94.
SYNNEX (NYSE:SNX) last released its quarterly earnings data on Wednesday, October 3rd. The business services provider reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.11. SYNNEX had a net margin of 1.41% and a return on equity of 17.16%. The business had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.88 billion. During the same quarter last year, the firm earned $2.16 EPS. SYNNEX’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, analysts predict that SYNNEX will post 10.12 EPS for the current fiscal year.
In other SYNNEX news, major shareholder Star Developments Ltd Silver acquired 113,000 shares of the business’s stock in a transaction dated Monday, October 22nd. The shares were acquired at an average price of $80.53 per share, with a total value of $9,099,890.00. Following the completion of the transaction, the insider now directly owns 5,125,080 shares in the company, valued at approximately $412,722,692.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dennis Polk sold 2,000 shares of the business’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $84.81, for a total transaction of $169,620.00. Following the completion of the sale, the chief executive officer now directly owns 26,494 shares in the company, valued at approximately $2,246,956.14. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 370,331 shares of company stock worth $29,495,099 and sold 6,609 shares worth $534,250. Insiders own 3.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its position in shares of SYNNEX by 199.0% in the third quarter. Meeder Asset Management Inc. now owns 1,223 shares of the business services provider’s stock worth $104,000 after purchasing an additional 814 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in shares of SYNNEX in the second quarter worth $131,000. Point72 Hong Kong Ltd bought a new stake in shares of SYNNEX in the second quarter worth $136,000. US Bancorp DE lifted its position in shares of SYNNEX by 66.6% in the third quarter. US Bancorp DE now owns 2,456 shares of the business services provider’s stock worth $208,000 after purchasing an additional 982 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new stake in shares of SYNNEX in the second quarter worth $210,000. 57.76% of the stock is currently owned by institutional investors and hedge funds.
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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