Synnex Corp. (SNX) Hits New 12-Month High at $105.15
Synnex Corp. (NYSE:SNX) shares hit a new 52-week high on Thursday . The stock traded as high as $105.15 and last traded at $104.54, with a volume of 146,604 shares trading hands. The stock had previously closed at $103.00.
Several research analysts recently weighed in on SNX shares. Zacks Investment Research cut Synnex Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, June 30th. Raymond James Financial Inc. cut Synnex Corp. from an “outperform” rating to a “market perform” rating in a research note on Wednesday, June 8th. Citigroup Inc. cut Synnex Corp. from a “buy” rating to a “neutral” rating in a research note on Monday, May 2nd. Brean Capital reaffirmed a “buy” rating and set a $108.00 target price (up previously from $97.00) on shares of Synnex Corp. in a research note on Friday, June 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Synnex Corp. in a research note on Friday, June 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $97.80.
The company has a market capitalization of $4.16 billion and a price-to-earnings ratio of 20.71. The firm’s 50-day moving average price is $98.62 and its 200-day moving average price is $91.61.
Synnex Corp. (NYSE:SNX) last issued its earnings results on Thursday, June 23rd. The company reported $1.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.06. During the same quarter in the previous year, the company posted $1.55 earnings per share. The business earned $3.38 billion during the quarter. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts expect that Synnex Corp. will post $6.18 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 29th. Stockholders of record on Friday, July 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend was Wednesday, July 13th.
In other news, Director Duane E. Zitzner sold 950 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $105.00, for a total value of $99,750.00. Following the completion of the transaction, the director now directly owns 14,400 shares in the company, valued at approximately $1,512,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin M. Murai sold 3,300 shares of the stock in a transaction on Friday, May 20th. The shares were sold at an average price of $85.00, for a total value of $280,500.00. Following the completion of the transaction, the chief executive officer now owns 136,434 shares of the company’s stock, valued at $11,596,890. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently made changes to their positions in SNX. Calvert Investment Management Inc. purchased a new position in shares of Synnex Corp. during the fourth quarter worth approximately $2,970,000. Systematic Financial Management LP purchased a new position in shares of Synnex Corp. during the fourth quarter worth approximately $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 during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in shares of Synnex Corp. during the fourth quarter worth approximately $2,238,000.
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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