SYNNEX Corp. Rating Increased to Buy at Cross Research (SNX)
SYNNEX Corp. (NYSE:SNX) was upgraded by investment analysts at Cross Research to a “buy” rating in a note issued to investors on Wednesday, Analyst Ratings.Net reports.
SYNNEX Corp. (NYSE:SNX) traded up 18.04% on Wednesday, hitting $56.626. The stock had a trading volume of 384,813 shares. SYNNEX Corp. has a 52-week low of $30.70 and a 52-week high of $52.53. The stock’s 50-day moving average is $49.38 and its 200-day moving average is $41.. The company has a market cap of $2.087 billion and a price-to-earnings ratio of 12.72.
SYNNEX Corp. (NYSE:SNX) last issued its quarterly earnings data on Tuesday, June 25th. The company reported $0.81 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.81. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, analysts predict that SYNNEX Corp. will post $3.84 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on SNX. Analysts at Raymond James upgraded shares of SYNNEX Corp. (NYSE:SNX) from an “underperform” rating to a “market perform” rating in a research note to investors on Wednesday. Finally, analysts at Needham & Company downgraded shares of SYNNEX Corp. (NYSE:SNX) from a “buy” rating to a “hold” rating in a research note to investors on Wednesday, August 7th. They noted that the move was a valuation call.
One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. SYNNEX Corp. presently has an average rating of “Hold” and a consensus price target of $40.67.
In other SYNNEX Corp. news, COO Dennis Polk unloaded 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $47.79, for a total transaction of $143,370.00. Following the completion of the transaction, the chief operating officer now directly owns 46,237 shares of the company’s stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Synnex Corporation provides services to resellers, retailers and original equipment manufacturers (NYSE:SNX), in multiple regions around the world.
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