SYNNEX Upgraded by Needham & Company LLC to “Buy” (SNX)
SYNNEX (NYSE:SNX) was upgraded by investment analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $79.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 27.23% from the company’s current price.
Shares of SYNNEX (NYSE:SNX) opened at 62.09 on Monday. SYNNEX has a 52-week low of $35.81 and a 52-week high of $79.44. The stock has a 50-day moving average of $66.09 and a 200-day moving average of $62.92. The company has a market cap of $2.397 billion and a P/E ratio of 19.23. SYNNEX also saw a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 1,875,699 shares, a growth of 139.9% from the March 31st total of 781,992 shares. Based on an average trading volume of 334,271 shares, the days-to-cover ratio is presently 5.6 days. Currently, 6.6% of the shares of the company are sold short.
SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Thursday, April 3rd. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $1.06. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $2.77 million. During the same quarter in the previous year, the company posted $0.88 earnings per share. The company’s revenue for the quarter was up 23.0% on a year-over-year basis. Analysts expect that SYNNEX will post $5.81 EPS for the current fiscal year.
A number of other firms have also recently commented on SNX. Analysts at Zacks upgraded shares of SYNNEX from a “neutral” rating to an “outperform” rating in a research note on Tuesday, April 8th. They now have a $77.90 price target on the stock. Separately, analysts at Citigroup Inc. raised their price target on shares of SYNNEX from $72.00 to $85.00 in a research note on Friday, April 4th. Finally, analysts at Brean Capital raised their price target on shares of SYNNEX from $72.00 to $85.00 in a research note on Friday, April 4th. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $73.49.
In other SYNNEX news, COO Dennis Polk unloaded 2,400 shares of SYNNEX stock on the open market in a transaction dated Thursday, May 1st. The stock was sold at an average price of $67.01, for a total value of $160,824.00. Following the transaction, the chief operating officer now directly owns 54,700 shares of the company’s stock, valued at approximately $3,665,447. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Synnex Corporation is a business process services company. The Company provides services to resellers, retailers and original equipment manufacturers (NYSE:SNX), in multiple regions around the world.
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