SYNNEX Trading Down 5% on Insider Selling (SNX)
SYNNEX (NYSE:SNX) was down 5% during mid-day trading on Thursday following insider selling activity, AnalystRatings.Net reports. The company traded as low as $67.77 and last traded at $70.20, with a volume of 1,062,428 shares trading hands. The stock had previously closed at $73.93.
Specifically, COO Dennis Polk sold 2,400 shares of the stock on the open market in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $73.92, for a total value of $177,408.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Needham & Company LLC raised their price target on shares of SYNNEX from $74.00 to $78.00 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Bank of America reiterated a “buy” rating on shares of SYNNEX in a research note on Thursday. They now have a $85.00 price target on the stock, up previously from $80.00. Finally, analysts at Credit Agricole upgraded shares of SYNNEX from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $79.84.
The stock has a 50-day moving average of $67.56 and a 200-day moving average of $63.88. The company has a market cap of $2.717 billion and a P/E ratio of 23.13.
SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Wednesday, July 2nd. The company reported $1.52 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.36 by $0.16. The company had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.17 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up 33.3% on a year-over-year basis. On average, analysts predict that SYNNEX will post $5.88 earnings per share for the current fiscal year.
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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