Synnex Corp. (SNX) Reaches New 12-Month High at $105.15
Synnex Corp. (NYSE:SNX)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $105.15 and last traded at $104.54, with a volume of 146,604 shares traded. The stock had previously closed at $103.00.
Several brokerages recently commented on SNX. Zacks Investment Research lowered shares of Synnex Corp. from a “buy” rating to a “hold” rating in a research report on Saturday, August 6th. Raymond James Financial Inc. reiterated a “market perform” rating on shares of Synnex Corp. in a research note on Friday, July 15th. Brean Capital reiterated a “buy” rating and set a $108.00 price objective (up from $97.00) on shares of Synnex Corp. in a research note on Friday, June 24th. Needham & Company LLC reiterated a “hold” rating on shares of Synnex Corp. in a research note on Friday, June 24th. Finally, Citigroup Inc. downgraded shares of Synnex Corp. from a “buy” rating to a “neutral” rating in a research note on Monday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Synnex Corp. presently has a consensus rating of “Hold” and an average target price of $97.80.
The firm’s 50-day moving average is $97.98 and its 200 day moving average is $91.33. The stock has a market capitalization of $4.16 billion and a price-to-earnings ratio of 20.71.
Synnex Corp. (NYSE:SNX) last posted its quarterly earnings results on Thursday, June 23rd. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.06. During the same period last year, the business earned $1.55 earnings per share. The company earned $3.38 billion during the quarter. Synnex Corp.’s quarterly revenue was up 3.8% compared to the same quarter last year. Analysts anticipate that Synnex Corp. will post $6.18 EPS 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 $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date was Wednesday, July 13th.
In other news, SVP Simon Leung sold 1,000 shares of the stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $91.19, for a total value of $91,190.00. Following the completion of the sale, the senior vice president now directly owns 26,786 shares of the company’s stock, valued at $2,442,615.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter Larocque sold 996 shares of the stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $92.45, for a total transaction of $92,080.20. Following the completion of the sale, the insider now directly owns 25,884 shares of the company’s stock, valued at $2,392,975.80. The disclosure for this sale can be found here.
Other hedge funds recently bought and sold shares of the company. Calvert Investment Management Inc. bought a new stake in Synnex Corp. during the fourth quarter worth about $2,970,000. Cornerstone Capital Management Holdings LLC. bought a new stake in Synnex Corp. during the fourth quarter worth about $2,238,000. Systematic Financial Management LP bought a new stake in Synnex Corp. during the fourth quarter worth about $1,683,000. Finally, Advisors Asset Management Inc. raised its stake in 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 during the period.
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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