SYNNEX Co. (NYSE:SNX) has been assigned a consensus recommendation of “Buy” from the ten ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $127.00.
Several equities analysts recently issued reports on SNX shares. Zacks Investment Research upgraded SYNNEX from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Stifel Nicolaus reduced their price target on SYNNEX from $130.00 to $114.00 and set a “buy” rating on the stock in a research report on Thursday, October 4th. Needham & Company LLC upgraded SYNNEX from a “buy” rating to a “strong-buy” rating and set a $135.00 price target on the stock in a research report on Thursday, October 4th. SunTrust Banks reduced their price target on SYNNEX to $100.00 and set a “buy” rating on the stock in a research report on Thursday, October 4th. Finally, TheStreet lowered SYNNEX from a “b-” rating to a “c+” rating in a research report on Friday, October 12th.
In other news, CEO Dennis Polk sold 2,000 shares of SYNNEX stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $96.21, for a total value of $192,420.00. Following the sale, the chief executive officer now directly owns 26,494 shares in the company, valued at approximately $2,548,987.74. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Marshall Witt sold 600 shares of SYNNEX stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 18,874 shares in the company, valued at $1,476,324.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 370,331 shares of company stock worth $29,495,099 and have sold 8,609 shares worth $735,256. 3.20% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of SYNNEX by 0.4% in the 2nd quarter. BlackRock Inc. now owns 3,684,947 shares of the business services provider’s stock worth $355,633,000 after buying an additional 15,558 shares during the last quarter. Northern Trust Corp boosted its position in shares of SYNNEX by 6.1% during the second quarter. Northern Trust Corp now owns 906,408 shares of the business services provider’s stock valued at $87,477,000 after purchasing an additional 52,225 shares in the last quarter. Boston Partners boosted its position in shares of SYNNEX by 2.1% during the second quarter. Boston Partners now owns 815,045 shares of the business services provider’s stock valued at $78,660,000 after purchasing an additional 16,895 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of SYNNEX by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 391,245 shares of the business services provider’s stock valued at $37,760,000 after purchasing an additional 8,603 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of SYNNEX by 12.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 248,041 shares of the business services provider’s stock valued at $23,939,000 after purchasing an additional 27,835 shares in the last quarter. Hedge funds and other institutional investors own 71.66% of the company’s stock.
Shares of NYSE SNX traded down $1.13 during trading hours on Monday, reaching $80.72. 51,382 shares of the stock traded hands, compared to its average volume of 646,091. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 9.11 and a beta of 0.83. The company has a current ratio of 1.51, a quick ratio of 0.94 and a debt-to-equity ratio of 0.47. SYNNEX has a 52-week low of $72.83 and a 52-week high of $141.94.
SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Wednesday, October 3rd. The business services provider reported $2.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.46 by $0.11. The company 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%. SYNNEX’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period last year, the firm posted $2.16 EPS. On average, analysts forecast that SYNNEX will post 10.12 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 26th. Investors of record on Friday, October 12th were given a dividend of $0.35 per share. The ex-dividend date was Thursday, October 11th. This represents a $1.40 annualized dividend and a yield of 1.73%. SYNNEX’s payout ratio is 15.80%.
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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