SYNNEX Sees Large Volume Increase on Analyst Upgrade (SNX)
SYNNEX (NYSE:SNX) shares saw an uptick in trading volume on Friday after Needham & Company raised their price target on the stock from $74.00 to $78.00, American Banking News.com reports. Needham & Company currently has a buy rating on the stock. 1,095,400 shares were traded during trading, an increase of 259% from the previous session’s volume of 305,235 shares.The stock last traded at $70.37 and had previously closed at $73.93.
Several other analysts have also recently commented on the stock. 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. Separately, analysts at Credit Agricole upgraded shares of SYNNEX from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 21st. Finally, analysts at Cross Research upgraded shares of SYNNEX from a “hold” rating to a “buy” rating in a research note on Monday, May 19th. They now have a $81.00 price target on the stock. One 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 a consensus price target of $79.84.
In other SYNNEX news, COO Dennis Polk unloaded 2,400 shares of the stock on the open market in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $73.92, for a total transaction of $177,408.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
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 price-to-earnings ratio of 23.13.
SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Wednesday, July 2nd. The company reported $1.52 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.81 earnings per share. The company’s revenue for the quarter was up 33.3% on a year-over-year basis. On average, analysts predict that SYNNEX will post $5.95 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.
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.