SYNNEX Corp. Upgraded to “Market Perform” by Raymond James (SNX)
SYNNEX Corp. (NYSE:SNX) was upgraded by equities research analysts at Raymond James from an “underperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports.
A number of other firms have also recently commented on SNX. 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. Separately, analysts at Brean Capital raised their price target on shares of SYNNEX Corp. (NYSE:SNX) from $43.00 to $46.00 in a research note to investors on Wednesday, June 26th. They now have a “buy” rating on the stock.
One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $40.67.
Shares of SYNNEX Corp. (NYSE:SNX) traded up 18.87% during mid-day trading on Wednesday, hitting $57.02. The stock had a trading volume of 199,107 shares. SYNNEX Corp. has a 1-year low of $30.70 and a 1-year high of $52.53. The stock has a 50-day moving average of $49.38 and a 200-day moving average of $41.. The company has a market cap of $2.102 billion and a price-to-earnings ratio of 12.72.
SYNNEX Corp. (NYSE:SNX) last announced its earnings results on Tuesday, June 25th. The company reported $0.81 earnings per share for the quarter, meeting the analysts’ 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 last year, the company posted $0.90 earnings per share. SYNNEX Corp.’s revenue was up 4.4% compared to the same quarter last year. Analysts expect that SYNNEX Corp. will post $3.84 EPS for the current fiscal year.
In other SYNNEX Corp. news, COO Dennis Polk sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $47.79, for a total value of $143,370.00. Following the transaction, the chief operating officer now directly owns 46,237 shares of the company’s stock. The sale 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.