Zacks Investment Research downgraded shares of SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a research note issued to investors on Wednesday, March 14th.
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. “
A number of other equities analysts also recently commented on SNX. Pivotal Research reaffirmed a hold rating and set a $150.00 price objective (up from $138.00) on shares of SYNNEX in a report on Wednesday, January 10th. Loop Capital lifted their price target on shares of SYNNEX from $1.00 to $160.00 and gave the company a buy rating in a report on Wednesday, January 10th. Needham & Company LLC lifted their price target on shares of SYNNEX from $145.00 to $151.00 and gave the company a buy rating in a report on Wednesday, January 10th. ValuEngine cut shares of SYNNEX from a buy rating to a hold rating in a research report on Friday, February 2nd. Finally, SunTrust Banks assumed coverage on shares of SYNNEX in a report on Thursday, December 7th. They set a buy rating and a $145.00 price objective for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. SYNNEX currently has an average rating of Buy and an average target price of $145.38.
SYNNEX (NYSE:SNX) opened at $121.66 on Wednesday. SYNNEX has a 12 month low of $101.48 and a 12 month high of $141.94. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 0.50. The stock has a market cap of $4,859.60, a price-to-earnings ratio of 13.69 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.69 by $0.10. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $4.85 billion. SYNNEX had a net margin of 1.77% and a return on equity of 16.43%. The business’s quarterly revenue was up 36.7% on a year-over-year basis. During the same period last year, the business posted $2.57 EPS. equities analysts anticipate that SYNNEX will post 10.42 earnings per share for the current fiscal year.
In other SYNNEX news, CEO Dennis Polk sold 2,000 shares of the company’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $123.02, for a total transaction of $246,040.00. Following the sale, the chief executive officer now directly owns 22,408 shares of the company’s stock, valued at $2,756,632.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas S. Wurster sold 300 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $136.57, for a total transaction of $40,971.00. Following the completion of the transaction, the director now owns 10,531 shares in the company, valued at $1,438,218.67. The disclosure for this sale can be found here. In the last three months, insiders sold 1,268,400 shares of company stock worth $165,286,532. 3.20% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of SYNNEX by 48.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,663 shares of the business services provider’s stock valued at $226,000 after acquiring an additional 541 shares in the last quarter. Zeke Capital Advisors LLC acquired a new position in shares of SYNNEX in the fourth quarter valued at about $252,000. BlueCrest Capital Management Ltd acquired a new position in shares of SYNNEX in the fourth quarter valued at about $280,000. Oakbrook Investments LLC grew its stake in shares of SYNNEX by 30.3% in the fourth quarter. Oakbrook Investments LLC now owns 2,150 shares of the business services provider’s stock valued at $292,000 after acquiring an additional 500 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of SYNNEX by 175.0% in the third quarter. Canada Pension Plan Investment Board now owns 2,200 shares of the business services provider’s stock valued at $278,000 after acquiring an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 71.84% of the company’s stock.
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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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