Synnex Corp. (SNX) Reaches New 12-Month High at $103.11
Synnex Corp. (NYSE:SNX)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $103.11 and last traded at $102.45, with a volume of 98,866 shares changing hands. The stock had previously closed at $102.65.
Several brokerages recently issued reports on SNX. Raymond James Financial Inc. restated a “market perform” rating on shares of Synnex Corp. in a research report on Friday, July 15th. Needham & Company LLC restated a “hold” rating on shares of Synnex Corp. in a research report on Friday, June 24th. Brean Capital restated a “buy” rating and issued a $108.00 price target (up previously from $97.00) on shares of Synnex Corp. in a research report on Friday, June 24th. Citigroup Inc. cut Synnex Corp. from a “buy” rating to a “neutral” rating in a research report on Monday, May 2nd. Finally, Zacks Investment Research upgraded Synnex Corp. from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a research report on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Synnex Corp. presently has an average rating of “Hold” and an average target price of $97.80.
The firm has a market cap of $4.00 billion and a P/E ratio of 19.91. The stock has a 50-day moving average of $95.98 and a 200-day moving average of $90.09.
Synnex Corp. (NYSE:SNX) last issued its quarterly earnings results on Thursday, June 23rd. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.31 by $0.06. The company had revenue of $3.38 billion for the quarter. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.55 earnings per share. On average, equities analysts forecast that Synnex Corp. will post $6.18 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 29th. Stockholders of record on Friday, July 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, July 13th. This represents a $0.80 annualized dividend and a dividend yield of 0.80%.
In other Synnex Corp. news, SVP Simon Leung sold 1,000 shares of the firm’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $80.12, for a total value of $80,120.00. Following the transaction, the senior vice president now owns 27,719 shares of the company’s stock, valued at $2,220,846.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Dennis Polk sold 2,000 shares of the firm’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $80.53, for a total transaction of $161,060.00. Following the completion of the transaction, the chief operating officer now directly owns 67,597 shares in the company, valued at approximately $5,443,586.41. The disclosure for this sale can be found here.
Other institutional investors have modified their holdings of the company. Systematic Financial Management LP acquired a new position in shares of Synnex Corp. during the fourth quarter worth about $1,683,000. Advisors Asset Management Inc. boosted its position in shares of Synnex Corp. by 731.1% in the fourth quarter. Advisors Asset Management Inc. now owns 19,771 shares of the company’s stock worth $1,778,000 after buying an additional 17,392 shares in the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Synnex Corp. during the fourth quarter worth about $2,238,000. Bragg Financial Advisors Inc boosted its position in shares of Synnex Corp. by 28.1% in the fourth quarter. Bragg Financial Advisors Inc now owns 28,299 shares of the company’s stock worth $2,545,000 after buying an additional 6,200 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Synnex Corp. by 13.4% in the fourth quarter. California Public Employees Retirement System now owns 85,200 shares of the company’s stock worth $7,662,000 after buying an additional 10,100 shares in the last quarter.
SYNNEX Corporation is a process services company. The Company offers a range of services to resellers, retailers, original equipment manufacturers (OEMs), financial and insurance institutions, and other industry verticals across the world. The Company operates in two segments: Technology Solutions and Concentrix.
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