SYNNEX Co. (SNX) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “Synnex Corp is a global IT supply chain services company offering a comprehensive range of services to original equipment manufacturers and software publishers, or (OEMs), and reseller customers worldwide. The company offers product distribution, related logistics services and contract assembly. SYNNEX distributes IT systems, peripherals, system components, software and networking equipment for OEM suppliers such as HP, IBM, Intel, Microsoft Corporation and Seagate. “
Separately, Brean Capital upped their price objective on shares of SYNNEX from $124.00 to $134.00 and gave the company a buy rating in a research note on Wednesday, January 11th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $116.17.
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SYNNEX (NYSE:SNX) opened at 118.79 on Wednesday. SYNNEX has a 52 week low of $77.54 and a 52 week high of $129.24. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of 20.19 and a beta of 1.18. The company has a 50 day moving average price of $118.66 and a 200 day moving average price of $114.73.
SYNNEX (NYSE:SNX) last released its quarterly earnings data on Tuesday, January 10th. The company reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.48. SYNNEX had a net margin of 1.67% and a return on equity of 14.80%. The company earned $3.89 billion during the quarter. During the same quarter in the prior year, the company earned $1.80 EPS. The business’s revenue was up 9.5% on a year-over-year basis. Analysts expect that SYNNEX will post $7.65 EPS for the current fiscal year.
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In other news, SVP Simon Leung sold 870 shares of the stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $118.99, for a total transaction of $103,521.30. Following the completion of the sale, the senior vice president now owns 26,462 shares in the company, valued at $3,148,713.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Fred A. Breidenbach sold 390 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $122.12, for a total transaction of $47,626.80. Following the sale, the director now owns 18,979 shares of the company’s stock, valued at approximately $2,317,715.48. The disclosure for this sale can be found here. Insiders have sold 22,759 shares of company stock valued at $2,752,179 in the last quarter. Insiders own 3.40% of the company’s stock.
Several large investors have recently made changes to their positions in SNX. Origin Asset Management LLP boosted its position in SYNNEX by 1,079.3% in the fourth quarter. Origin Asset Management LLP now owns 86,101 shares of the company’s stock valued at $10,420,000 after buying an additional 78,800 shares in the last quarter. Norges Bank purchased a new position in SYNNEX during the fourth quarter valued at about $56,714,000. Thrivent Financial for Lutherans boosted its position in SYNNEX by 11.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,030 shares of the company’s stock valued at $609,000 after buying an additional 500 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in SYNNEX by 424.4% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 33,564 shares of the company’s stock valued at $4,062,000 after buying an additional 27,164 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in SYNNEX during the fourth quarter valued at about $572,000. Institutional investors and hedge funds own 73.27% of the company’s stock.
SYNNEX Company Profile
Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.
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