Synnex Corp. (SNX) Sets New 52-Week High at $106.01
Synnex Corp. (NYSE:SNX) shares hit a new 52-week high on Friday . The company traded as high as $106.01 and last traded at $105.57, with a volume of 67,208 shares traded. The stock had previously closed at $104.71.
A number of research analysts have recently weighed in on SNX shares. Citigroup Inc. cut shares of Synnex Corp. from a “buy” rating to a “neutral” rating in a research note on Monday, May 2nd. Raymond James Financial Inc. upgraded shares of Synnex Corp. from an “underperform” rating to an “outperform” rating and set a $87.00 target price on the stock in a research report on Wednesday, May 18th. Zacks Investment Research upgraded shares of Synnex Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, May 31st. Needham & Company LLC restated a “hold” rating on shares of Synnex Corp. in a research report on Friday, June 24th. Finally, Brean Capital restated a “buy” rating and set a $108.00 target price (up previously from $97.00) on shares of Synnex Corp. in a research report on Friday, June 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $97.80.
The company has a market cap of $4.21 billion and a P/E ratio of 20.96. The firm’s 50-day moving average price is $99.91 and its 200 day moving average price is $92.24.
Synnex Corp. (NYSE:SNX) last issued its quarterly earnings results on Thursday, June 23rd. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.06. The company earned $3.38 billion during the quarter. During the same period in the prior year, the company posted $1.55 earnings per share. The company’s revenue for the quarter 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 year.
The business 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 related news, CEO Kevin M. Murai sold 16,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $90.61, for a total value of $1,495,065.00. Following the sale, the chief executive officer now directly owns 149,634 shares in the company, valued at approximately $13,558,336.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrea M. Zulberti sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $99.36, for a total transaction of $248,400.00. Following the completion of the sale, the director now owns 13,785 shares in the company, valued at $1,369,677.60. The disclosure for this sale can be found here.
Other hedge funds have added to or reduced their stakes in the company. Systematic Financial Management LP acquired a new stake in Synnex Corp. during the fourth quarter worth approximately $1,683,000. Advisors Asset Management Inc. increased 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 last quarter. Cornerstone Capital Management Holdings LLC. acquired a new stake in Synnex Corp. during the fourth quarter worth approximately $2,238,000. Finally, Calvert Investment Management Inc. acquired a new stake in Synnex Corp. during the fourth quarter worth approximately $2,970,000.
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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