Synnex (NYSE:SNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The firm presently has a $153.00 price objective on the business services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 10.89% from the stock’s previous close.

According to Zacks, “SYNNEX Corporation is a global information technology 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. “

Several other equities research analysts have also recently issued reports on SNX. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 target price on shares of Synnex in a research note on Monday, September 18th. Citigroup lifted their target price on shares of Synnex from $122.00 to $130.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 26th. Loop Capital lifted their target price on shares of Synnex from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, September 26th. ValuEngine raised shares of Synnex from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Pivotal Research initiated coverage on shares of Synnex in a research note on Friday, October 6th. They set a “hold” rating and a $137.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Synnex currently has a consensus rating of “Buy” and an average price target of $145.38.

Shares of Synnex (SNX) opened at $137.97 on Friday. The company has a market cap of $5,469.23, a price-to-earnings ratio of 18.40 and a beta of 1.08. The company has a quick ratio of 0.80, a current ratio of 1.42 and a debt-to-equity ratio of 0.50. Synnex has a 1-year low of $101.48 and a 1-year high of $141.94.

Synnex (NYSE:SNX) last issued its quarterly earnings results on Tuesday, January 9th. The business services provider reported $2.79 EPS for the quarter, topping the consensus estimate of $2.69 by $0.10. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $4.85 billion. Synnex had a net margin of 1.77% and a return on equity of 16.43%. The firm’s revenue was up 36.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.57 EPS. analysts expect that Synnex will post 10.42 earnings per share for the current year.

In other news, CFO Marshall Witt sold 300 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $135.52, for a total transaction of $40,656.00. Following the transaction, the chief financial officer now owns 21,300 shares of the company’s stock, valued at approximately $2,886,576. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Dennis Polk sold 1,500 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $134.91, for a total transaction of $202,365.00. Following the transaction, the chief operating officer now directly owns 21,874 shares in the company, valued at approximately $2,951,021.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,900 shares of company stock worth $1,050,392. 3.20% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in SNX. Advisor Group Inc. boosted its position in shares of Synnex by 50.1% during the 2nd quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock valued at $112,000 after acquiring an additional 310 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Synnex by 9.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock valued at $135,000 after acquiring an additional 96 shares during the last quarter. Shelton Capital Management acquired a new position in shares of Synnex during the 2nd quarter valued at about $246,000. Riverhead Capital Management LLC boosted its position in shares of Synnex by 74.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,098 shares of the business services provider’s stock valued at $252,000 after acquiring an additional 898 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Synnex by 175.0% during the 3rd quarter. Canada Pension Plan Investment Board now owns 2,200 shares of the business services provider’s stock valued at $278,000 after acquiring an additional 1,400 shares during the last quarter. 71.68% of the stock is currently owned by hedge funds and other institutional investors.

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About Synnex

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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