SYNNEX Co. (SNX) Given Average Recommendation of “Buy” by Analysts
SYNNEX Co. (NYSE:SNX) has been assigned a consensus rating of “Buy” from the ten ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $135.13.
SNX has been the subject of several recent research reports. ValuEngine raised shares of SYNNEX from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Loop Capital boosted their target price on shares of SYNNEX from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. Stifel Nicolaus reissued a “buy” rating and set a $132.00 target price on shares of SYNNEX in a research report on Thursday, August 3rd. Needham & Company LLC boosted their target price on shares of SYNNEX from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. Finally, Zacks Investment Research raised shares of SYNNEX from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a research report on Thursday, September 21st.
SYNNEX (NYSE:SNX) traded up 0.71% during trading on Thursday, reaching $132.62. The company’s stock had a trading volume of 51,337 shares. The company has a market cap of $5.30 billion, a P/E ratio of 17.99 and a beta of 1.08. The stock’s 50-day moving average is $124.14 and its 200 day moving average is $117.33. SYNNEX has a 12 month low of $100.06 and a 12 month high of $134.51.
SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Monday, September 25th. The business services provider reported $2.16 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.19. SYNNEX had a net margin of 1.76% and a return on equity of 13.79%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4 billion. During the same quarter in the prior year, the business earned $1.73 earnings per share. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, equities analysts forecast that SYNNEX will post $8.76 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.91%. This is an increase from SYNNEX’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 12th. SYNNEX’s dividend payout ratio is presently 16.28%.
In other SYNNEX news, CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $130.37, for a total value of $260,740.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Marshall Witt sold 300 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $127.09, for a total transaction of $38,127.00. Following the completion of the sale, the chief financial officer now directly owns 20,200 shares of the company’s stock, valued at $2,567,218. The disclosure for this sale can be found here. Insiders sold a total of 14,796 shares of company stock valued at $1,794,799 over the last ninety days. 3.20% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. FMR LLC grew its position in SYNNEX by 5.7% in the 2nd quarter. FMR LLC now owns 5,587,157 shares of the business services provider’s stock worth $670,236,000 after purchasing an additional 302,301 shares in the last quarter. BlackRock Inc. grew its position in SYNNEX by 9,152.6% in the 1st quarter. BlackRock Inc. now owns 3,655,501 shares of the business services provider’s stock worth $409,198,000 after purchasing an additional 3,615,993 shares in the last quarter. Vanguard Group Inc. grew its position in SYNNEX by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 3,221,813 shares of the business services provider’s stock worth $386,489,000 after purchasing an additional 71,317 shares in the last quarter. Goldman Sachs Group Inc. grew its position in SYNNEX by 13.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the business services provider’s stock worth $157,810,000 after purchasing an additional 154,174 shares in the last quarter. Finally, State Street Corp grew its position in SYNNEX by 3.8% in the 2nd quarter. State Street Corp now owns 993,336 shares of the business services provider’s stock worth $119,164,000 after purchasing an additional 36,210 shares in the last quarter. 71.29% of the stock is owned by institutional investors and hedge funds.
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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