Synnex Corporation (SNX) Stock Rating Upgraded by Zacks Investment Research
Synnex Corporation (NYSE:SNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage currently has a $131.00 target price on the business services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.83% from the stock’s previous close.
According to Zacks, “Synnex Corp is a global IT supply chain services company offering a comprehensive range of services to original equipment manufacturers and software publishers, or (OEMs), and reseller customers worldwide. The company offers product distribution, related logistics services and contract assembly. SYNNEX distributes IT systems, peripherals, system components, software and networking equipment for OEM suppliers such as HP, IBM, Intel, Microsoft Corporation and Seagate. “
A number of other analysts also recently issued reports on SNX. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 price target on shares of Synnex Corporation in a report on Monday, September 18th. ValuEngine downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, September 6th. Loop Capital initiated coverage on shares of Synnex Corporation in a report on Thursday, August 24th. They set a “buy” rating and a $140.00 price objective for the company. BidaskClub lowered Synnex Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, Stifel Nicolaus restated a “buy” rating and set a $132.00 price objective on shares of Synnex Corporation in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $130.00.
Synnex Corporation (NYSE SNX) opened at 116.10 on Thursday. The company has a 50-day moving average price of $116.16 and a 200-day moving average price of $114.82. Synnex Corporation has a 1-year low of $100.06 and a 1-year high of $131.35. The company has a market cap of $4.64 billion, a PE ratio of 16.66 and a beta of 1.05.
Synnex Corporation (NYSE:SNX) last issued its earnings results on Thursday, June 22nd. The business services provider reported $2.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The firm had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.79 billion. Synnex Corporation’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.37 earnings per share. On average, analysts expect that Synnex Corporation will post $8.39 EPS for the current fiscal year.
Synnex Corporation announced that its board has authorized a share repurchase program on Thursday, June 22nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
In related news, insider Peter Larocque sold 4,265 shares of Synnex Corporation stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $119.08, for a total value of $507,876.20. Following the completion of the transaction, the insider now owns 14,958 shares in the company, valued at $1,781,198.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kevin M. Murai sold 2,000 shares of Synnex Corporation stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $113.66, for a total value of $227,320.00. Following the completion of the transaction, the chief executive officer now owns 142,311 shares of the company’s stock, valued at approximately $16,175,068.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,854 shares of company stock worth $3,088,504. Insiders own 3.20% of the company’s stock.
Large investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA lifted its stake in shares of Synnex Corporation by 126.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,300 shares of the business services provider’s stock valued at $1,835,000 after purchasing an additional 8,531 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Synnex Corporation by 1,268.6% in the 2nd quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock worth $18,244,000 after purchasing an additional 140,969 shares during the period. Vanguard Group Inc. increased its position in shares of Synnex Corporation by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock valued at $352,667,000 after purchasing an additional 95,341 shares during the last quarter. Clinton Group Inc. bought a new position in shares of Synnex Corporation during the 1st quarter valued at approximately $1,116,000. Finally, Jane Street Group LLC bought a new position in shares of Synnex Corporation during the 1st quarter valued at approximately $228,000. 71.26% of the stock is owned by institutional investors and hedge funds.
About Synnex Corporation
Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.
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