SYNNEX (NYSE:SNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “SYNNEX Corporation, a business process services company, provides business-to-business services that help their customers and business partners grow and enhance their customer-engagement strategies. Headquartered in Fremont, CA, and with operations in more than 30 countries, SYNNEX is an industry leader in IT distribution and customer care outsourced services, operating in two business segments: Technology Solutions and Concentrix. SYNNEX brings the most relevant technology solutions to the IT and consumer electronics markets to help their partners sustainably grow their business. With more than 100,000 associates operating in 25 countries and with fluency in over 40 languages, their Concentrix division delivers high-value business services and solutions for the customer-relationship lifecycle to more than 450 clients. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and was ranked 198 on the 2017 Fortune 500. “
A number of other research firms also recently issued reports on SNX. Pivotal Research upgraded SYNNEX from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research note on Wednesday, January 31st. SunTrust Banks started coverage on SYNNEX in a research note on Thursday, December 7th. They set a “buy” rating and a $145.00 price target on the stock. Loop Capital raised their price target on SYNNEX from $1.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. ValuEngine downgraded SYNNEX from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Finally, Citigroup restated a “neutral” rating and set a $150.00 price target on shares of SYNNEX in a research note on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. SYNNEX has an average rating of “Buy” and a consensus price target of $145.38.
SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.10. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $4.85 billion. SYNNEX had a return on equity of 16.43% and a net margin of 1.77%. The business’s quarterly revenue was up 36.7% on a year-over-year basis. During the same quarter last year, the company earned $2.57 EPS. research analysts forecast that SYNNEX will post 10.42 earnings per share for the current fiscal year.
In other SYNNEX news, SVP Simon Leung sold 1,000 shares of SYNNEX stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $122.99, for a total value of $122,990.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Marshall Witt sold 300 shares of SYNNEX stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $122.00, for a total value of $36,600.00. Following the completion of the transaction, the chief financial officer now owns 10,531 shares in the company, valued at $1,284,782. The disclosure for this sale can be found here. Insiders sold a total of 1,268,400 shares of company stock worth $165,286,532 over the last quarter. Company insiders own 3.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of SYNNEX by 48.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,663 shares of the business services provider’s stock valued at $226,000 after purchasing an additional 541 shares during the last quarter. Zeke Capital Advisors LLC purchased a new position in shares of SYNNEX in the 4th quarter valued at approximately $252,000. Canada Pension Plan Investment Board grew its stake in shares of SYNNEX by 175.0% in 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 purchasing an additional 1,400 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new position in shares of SYNNEX in the 4th quarter valued at approximately $280,000. Finally, Oakbrook Investments LLC grew its stake in shares of SYNNEX by 30.3% in the 4th quarter. Oakbrook Investments LLC now owns 2,150 shares of the business services provider’s stock valued at $292,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 71.86% of the company’s stock.
TRADEMARK VIOLATION NOTICE: “SYNNEX (SNX) Downgraded by Zacks Investment Research to “Hold”” was published by American Banking News and is the sole property of of American Banking News. If you are viewing this article on another website, it was stolen and republished in violation of U.S. & international copyright and trademark legislation. The legal version of this article can be accessed at https://www.americanbankingnews.com/2018/03/14/synnex-snx-downgraded-by-zacks-investment-research-to-hold.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for SYNNEX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYNNEX and related companies with MarketBeat.com's FREE daily email newsletter.