SunTrust Banks Begins Coverage on Synnex (SNX)
Equities research analysts at SunTrust Banks began coverage on shares of Synnex (NYSE:SNX) in a note issued to investors on Thursday, The Fly reports. The brokerage set a “buy” rating on the business services provider’s stock.
Several other equities analysts also recently commented on the stock. Zacks Investment Research raised shares of Synnex from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a research report on Thursday, September 21st. Pivotal Research started coverage on shares of Synnex in a research report on Friday, October 6th. They set a “hold” rating and a $137.00 target price on the stock. ValuEngine downgraded shares of Synnex from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. Needham & Company LLC restated a “buy” rating and set a $135.00 price target on shares of Synnex in a report on Monday, September 18th. Finally, Stifel Nicolaus restated a “buy” rating and set a $132.00 price target on shares of Synnex in a report on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Synnex has an average rating of “Buy” and an average target price of $135.13.
Synnex (SNX) opened at $130.68 on Thursday. Synnex has a one year low of $101.48 and a one year high of $137.80. The company has a quick ratio of 0.80, a current ratio of 1.61 and a debt-to-equity ratio of 0.25. The firm has a market cap of $5,302.18, a price-to-earnings ratio of 15.37 and a beta of 1.08.
In other news, CEO Kevin M. Murai sold 2,000 shares of Synnex stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $113.66, for a total transaction of $227,320.00. Following the transaction, the chief executive officer now directly owns 142,311 shares of the company’s stock, valued at $16,175,068.26. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Marshall Witt sold 300 shares of Synnex stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $127.09, for a total transaction of $38,127.00. Following the transaction, the chief financial officer now directly owns 20,200 shares in the company, valued at $2,567,218. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,721 shares of company stock valued at $1,629,475. Company insiders own 3.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Advisor Group Inc. boosted its holdings in Synnex by 50.1% in the 2nd quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock valued at $112,000 after purchasing an additional 310 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Synnex by 9.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock worth $135,000 after purchasing an additional 96 shares in the last quarter. Opus Capital Group LLC acquired a new position in Synnex during the 2nd quarter worth approximately $219,000. Affinity Wealth Management increased its position in Synnex by 1.9% during the 2nd quarter. Affinity Wealth Management now owns 1,869 shares of the business services provider’s stock worth $224,000 after purchasing an additional 34 shares in the last quarter. Finally, Shelton Capital Management acquired a new position in Synnex during the 2nd quarter worth approximately $246,000. Hedge funds and other institutional investors own 71.72% 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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