Synnex Corp. (SNX) Sees Strong Trading Volume
Shares of Synnex Corp. (NYSE:SNX) saw unusually-strong trading volume on Monday . Approximately 581,412 shares were traded during trading, an increase of 68% from the previous session’s volume of 345,277 shares.The stock last traded at $96.76 and had previously closed at $94.06.
A number of equities analysts have commented on SNX shares. Citigroup Inc. restated a “buy” rating and set a $101.00 price objective (down previously from $105.00) on shares of Synnex Corp. in a research note on Tuesday, March 29th. Zacks Investment Research upgraded Synnex Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, May 31st. Cross Research lowered Synnex Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, March 24th. Needham & Company LLC restated a “hold” rating on shares of Synnex Corp. in a research note on Tuesday, March 29th. Finally, Raymond James Financial Inc. restated an “underperform” rating on shares of Synnex Corp. in a research note on Tuesday, March 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $97.80.
The firm has a market cap of $3.85 billion and a P/E ratio of 19.16. The stock’s 50-day moving average is $92.62 and its 200 day moving average is $88.82.
Synnex Corp. (NYSE:SNX) last announced its quarterly earnings data on Thursday, June 23rd. The company reported $1.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.06. The company had revenue of $3.38 billion for the quarter. During the same quarter in the prior year, the business earned $1.55 earnings per share. The company’s 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 year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Stockholders of record on Friday, July 15th will be issued a dividend of $0.20 per share. The ex-dividend date is Wednesday, July 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.83%.
In other news, insider Peter Larocque sold 7,000 shares of the stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $94.22, for a total transaction of $659,540.00. Following the completion of the sale, the insider now directly owns 18,241 shares in the company, valued at $1,718,667.02. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kevin M. Murai sold 16,500 shares of the stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $90.61, for a total transaction of $1,495,065.00. Following the sale, the chief executive officer now owns 149,634 shares of the company’s stock, valued at $13,558,336.74. The disclosure for this sale can be found here.
Several hedge funds have recently bought and sold shares of the company. Russell Frank Co raised its stake in Synnex Corp. by 140.7% in the fourth quarter. Russell Frank Co now owns 161,064 shares of the company’s stock worth $14,938,000 after buying an additional 94,158 shares in the last quarter. Retirement Systems of Alabama purchased a new stake in Synnex Corp. during the fourth quarter worth $3,356,000. Nationwide Fund Advisors raised its stake in Synnex Corp. by 102.6% in the fourth quarter. Nationwide Fund Advisors now owns 77,829 shares of the company’s stock worth $6,999,000 after buying an additional 39,407 shares in the last quarter. California State Teachers Retirement System raised its stake in Synnex Corp. by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 53,308 shares of the company’s stock worth $4,794,000 after buying an additional 900 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in Synnex Corp. by 173.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,282 shares of the company’s stock worth $1,284,000 after buying an additional 9,060 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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