SYNNEX Co. (SNX) Stock Rating Upgraded by Raymond James Financial, Inc.
SYNNEX Co. (NYSE:SNX) was upgraded by stock analysts at Raymond James Financial, Inc. from a “market perform” rating to a “strong-buy” rating in a research report issued on Friday.
A number of other equities research analysts have also recently commented on the stock. Stifel Nicolaus upgraded shares of SYNNEX from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Wednesday, April 12th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of SYNNEX from a “hold” rating to a “buy” rating and set a $126.00 price target on the stock in a report on Thursday, March 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $121.00.
SYNNEX (NYSE:SNX) opened at 105.28 on Friday. The firm’s 50 day moving average is $107.83 and its 200 day moving average is $115.56. The company has a market cap of $4.20 billion, a PE ratio of 16.83 and a beta of 1.18. SYNNEX has a 52-week low of $83.92 and a 52-week high of $129.24.
SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Monday, March 27th. The business services provider reported $1.82 EPS for the quarter, beating the Zacks’ consensus estimate of $1.66 by $0.16. SYNNEX had a net margin of 1.67% and a return on equity of 14.80%. The firm had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the prior year, the company posted $1.37 earnings per share. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. Analysts forecast that SYNNEX will post $7.91 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Friday, April 14th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend was Tuesday, April 11th. SYNNEX’s payout ratio is 17.01%.
In related news, COO Dennis Polk sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $117.97, for a total value of $176,955.00. Following the sale, the chief operating officer now owns 45,968 shares in the company, valued at $5,422,844.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Simon Leung sold 884 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $120.19, for a total transaction of $106,247.96. Following the completion of the sale, the senior vice president now owns 25,462 shares in the company, valued at approximately $3,060,277.78. The disclosure for this sale can be found here. Insiders sold 10,442 shares of company stock worth $1,180,658 in the last 90 days. 3.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of SNX. Clark Capital Management Group Inc. boosted its stake in shares of SYNNEX by 878.4% in the fourth quarter. Clark Capital Management Group Inc. now owns 71,929 shares of the business services provider’s stock valued at $8,705,000 after buying an additional 64,577 shares in the last quarter. Comerica Bank boosted its stake in shares of SYNNEX by 2.6% in the fourth quarter. Comerica Bank now owns 36,733 shares of the business services provider’s stock valued at $4,609,000 after buying an additional 914 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of SYNNEX by 2.1% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 12,344 shares of the business services provider’s stock valued at $1,494,000 after buying an additional 250 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of SYNNEX during the fourth quarter valued at about $15,142,000. Finally, Hillcrest Asset Management LLC boosted its stake in shares of SYNNEX by 1.4% in the third quarter. Hillcrest Asset Management LLC now owns 121,345 shares of the business services provider’s stock valued at $13,847,000 after buying an additional 1,630 shares in the last quarter. Institutional investors own 73.27% of the company’s stock.
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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