SYNNEX Co. (NYSE:SNX) has been given a consensus recommendation of “Buy” by the ten ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $127.00.
A number of equities research analysts recently weighed in on the company. TheStreet cut SYNNEX from a “b-” rating to a “c+” rating in a report on Friday, October 12th. Zacks Investment Research raised SYNNEX from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a research note on Tuesday, October 9th. SunTrust Banks reduced their target price on SYNNEX to $100.00 and set a “buy” rating on the stock in a research note on Thursday, October 4th. Needham & Company LLC raised SYNNEX from a “buy” rating to a “strong-buy” rating and set a $135.00 target price on the stock in a research note on Thursday, October 4th. Finally, Stifel Nicolaus reduced their target price on SYNNEX from $130.00 to $114.00 and set a “buy” rating on the stock in a research note on Thursday, October 4th.
In other SYNNEX news, Director Matthew Miau purchased 3,320 shares of SYNNEX stock in a transaction on Monday, October 29th. The shares were bought at an average price of $77.19 per share, with a total value of $256,270.80. Following the purchase, the director now directly owns 364,352 shares in the company, valued at approximately $28,124,330.88. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Marshall Witt sold 600 shares of the stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $78.22, for a total value of $46,932.00. Following the transaction, the chief financial officer now directly owns 18,874 shares in the company, valued at approximately $1,476,324.28. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 370,331 shares of company stock worth $29,495,099 and sold 8,609 shares worth $735,256. 3.20% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the business. FMR LLC lifted its stake in shares of SYNNEX by 1.5% during the 3rd quarter. FMR LLC now owns 5,944,225 shares of the business services provider’s stock worth $503,475,000 after purchasing an additional 89,828 shares during the period. BlackRock Inc. lifted its stake in shares of SYNNEX by 2.5% during the 3rd quarter. BlackRock Inc. now owns 3,777,636 shares of the business services provider’s stock worth $319,967,000 after purchasing an additional 92,689 shares during the period. Northern Trust Corp lifted its stake in shares of SYNNEX by 6.1% during the 2nd quarter. Northern Trust Corp now owns 906,408 shares of the business services provider’s stock worth $87,477,000 after purchasing an additional 52,225 shares during the period. Boston Partners lifted its stake in shares of SYNNEX by 2.1% during the 2nd quarter. Boston Partners now owns 815,045 shares of the business services provider’s stock worth $78,660,000 after purchasing an additional 16,895 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of SYNNEX by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 391,245 shares of the business services provider’s stock worth $37,760,000 after purchasing an additional 8,603 shares during the period. 71.66% of the stock is currently owned by institutional investors.
Shares of SNX traded down $1.42 on Monday, reaching $78.94. The stock had a trading volume of 315,245 shares, compared to its average volume of 568,672. The stock has a market cap of $4.11 billion, a P/E ratio of 8.91 and a beta of 0.83. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.51 and a quick ratio of 0.94. SYNNEX has a twelve month low of $72.83 and a twelve month high of $141.94.
SYNNEX (NYSE:SNX) last released its quarterly earnings results on Wednesday, October 3rd. The business services provider reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.11. The business had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.88 billion. SYNNEX had a return on equity of 17.16% and a net margin of 1.41%. The company’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.16 EPS. Research analysts expect that SYNNEX will post 10.12 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 26th. Investors of record on Friday, October 12th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Thursday, October 11th. SYNNEX’s payout ratio is currently 15.80%.
SYNNEX Company Profile
SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.
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