SYNNEX (NYSE:SNX) was upgraded by research analysts at TheStreet from a “c+” rating to a “b” rating in a research note issued on Friday.
Other analysts also recently issued research reports about the stock. Stifel Nicolaus lowered their target price on shares of SYNNEX from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday. Pivotal Research lowered their target price on shares of SYNNEX from $135.00 to $130.00 and set a “buy” rating on the stock in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $135.00 target price (down previously from $151.00) on shares of SYNNEX in a report on Monday, April 2nd. They noted that the move was a valuation call. SunTrust Banks reaffirmed a “buy” rating and issued a $130.00 target price on shares of SYNNEX in a report on Tuesday, April 3rd. Finally, Cross Research downgraded shares of SYNNEX from a “buy” rating to a “hold” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $141.14.
Shares of SYNNEX stock opened at $99.47 on Friday. SYNNEX has a 1 year low of $93.87 and a 1 year high of $141.94. The company has a current ratio of 1.49, a quick ratio of 0.91 and a debt-to-equity ratio of 0.48. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 11.23 and a beta of 1.02.
SYNNEX (NYSE:SNX) last issued its earnings results on Thursday, June 28th. The business services provider reported $2.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.30 by $0.08. The business had revenue of $4.97 billion for the quarter, compared to the consensus estimate of $4.66 billion. SYNNEX had a net margin of 1.49% and a return on equity of 16.69%. The business’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.08 earnings per share. research analysts forecast that SYNNEX will post 10.1 EPS for the current year.
In related news, Director Matthew Miau sold 500 shares of the firm’s stock in a transaction dated Wednesday, April 4th. The shares were sold at an average price of $97.95, for a total value of $48,975.00. Following the completion of the sale, the director now owns 375,357 shares in the company, valued at $36,766,218.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Marshall Witt sold 300 shares of the firm’s stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $100.00, for a total transaction of $30,000.00. Following the completion of the sale, the chief financial officer now owns 19,610 shares of the company’s stock, valued at approximately $1,961,000. The disclosure for this sale can be found here. Insiders sold 16,200 shares of company stock valued at $1,683,104 in the last quarter. Company insiders own 3.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wesbanco Bank Inc. acquired a new stake in shares of SYNNEX in the first quarter valued at about $1,093,000. Xact Kapitalforvaltning AB lifted its stake in shares of SYNNEX by 39.1% in the first quarter. Xact Kapitalforvaltning AB now owns 3,558 shares of the business services provider’s stock valued at $421,000 after purchasing an additional 1,000 shares during the period. ZPR Investment Management lifted its stake in shares of SYNNEX by 38.4% in the first quarter. ZPR Investment Management now owns 35,405 shares of the business services provider’s stock valued at $4,192,000 after purchasing an additional 9,820 shares during the period. Integre Asset Management LLC lifted its stake in shares of 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 purchasing an additional 600 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of SYNNEX by 385.0% in the first quarter. Millennium Management LLC now owns 17,163 shares of the business services provider’s stock valued at $2,032,000 after purchasing an additional 13,624 shares during the period. 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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