Synnex Corporation (SNX) Receives Consensus Recommendation of “Buy” from Brokerages

Synnex Corporation (NYSE:SNX) has been assigned an average broker rating score of 1.60 (Buy) from the five brokers that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating, one has issued a buy rating and three have assigned a strong buy rating to the company. Synnex Corporation’s rating score has declined by 60% from three months ago as a result of various analysts’ ratings changes.

Analysts have set a 1-year consensus target price of $140.67 for the company and are anticipating that the company will post $2.68 earnings per share for the current quarter, according to Zacks. Zacks has also given Synnex Corporation an industry rank of 77 out of 265 based on the ratings given to its competitors.

Several brokerages have recently commented on SNX. Stifel Nicolaus restated a “buy” rating and issued a $132.00 price objective on shares of Synnex Corporation in a research report on Tuesday, October 17th. Pivotal Research began coverage on Synnex Corporation in a research report on Friday, October 6th. They issued a “hold” rating and a $137.00 price objective on the stock. ValuEngine upgraded Synnex Corporation from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Loop Capital boosted their target price on Synnex Corporation from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. Finally, Citigroup Inc. boosted their target price on Synnex Corporation from $122.00 to $130.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 26th.

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Shares of Synnex Corporation (SNX) traded up C$0.09 during trading on Monday, hitting C$130.36. The stock had a trading volume of 273,700 shares, compared to its average volume of 204,373. Synnex Corporation has a fifty-two week low of C$101.48 and a fifty-two week high of C$135.87. The stock has a market capitalization of $5,209.86, a P/E ratio of 15.10 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 1.61 and a debt-to-equity ratio of 0.25.

Synnex Corporation (NYSE:SNX) last announced its quarterly earnings data on Monday, September 25th. The company reported C$2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of C$1.97 by C$0.19. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. The business had revenue of C$4.28 billion for the quarter, compared to the consensus estimate of C$4 billion. During the same period in the previous year, the business earned $1.73 earnings per share. The business’s revenue was up 16.5% on a year-over-year basis. analysts forecast that Synnex Corporation will post 8.79 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Friday, October 13th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, October 12th. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 0.92%. Synnex Corporation’s dividend payout ratio is 16.28%.

In other Synnex Corporation news, CFO Marshall Witt sold 300 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of C$127.09, for a total transaction of C$38,127.00. Following the sale, the chief financial officer now directly owns 20,200 shares in the company, valued at C$2,567,218. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Dennis Polk sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of C$134.91, for a total value of C$202,365.00. Following the sale, the chief operating officer now owns 21,874 shares in the company, valued at C$2,951,021.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,421 shares of company stock worth $1,301,145. Company insiders own 3.20% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNX. FMR LLC grew its stake in shares of Synnex Corporation by 5.7% during the second quarter. FMR LLC now owns 5,587,157 shares of the company’s stock valued at $670,236,000 after buying an additional 302,301 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Synnex Corporation by 189.1% during the third quarter. Victory Capital Management Inc. now owns 439,603 shares of the company’s stock valued at $55,614,000 after buying an additional 287,522 shares during the last quarter. Teachers Advisors LLC grew its stake in shares of Synnex Corporation by 190.5% during the second quarter. Teachers Advisors LLC now owns 251,605 shares of the company’s stock valued at $30,183,000 after buying an additional 165,008 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Synnex Corporation by 13.3% during the second quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the company’s stock valued at $157,810,000 after buying an additional 154,174 shares during the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of Synnex Corporation by 972.2% during the second quarter. Voya Investment Management LLC now owns 122,360 shares of the company’s stock valued at $14,678,000 after buying an additional 110,948 shares during the last quarter. 71.89% of the stock is currently owned by hedge funds and other institutional investors.

About Synnex Corporation

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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Analyst Recommendations for Synnex Corporation (NYSE:SNX)

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