SYNNEX (SNX) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of SYNNEX (NYSE:SNX) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $100.00 target price on the business services provider’s stock.
According to Zacks, “SYNNEX Corporation, a business process services company, provides business-to-business services that help their customers and business partners grow and enhance their customer-engagement strategies. Headquartered in Fremont, CA, and with operations in more than 30 countries, SYNNEX is an industry leader in IT distribution and customer care outsourced services, operating in two business segments: Technology Solutions and Concentrix. SYNNEX brings the most relevant technology solutions to the IT and consumer electronics markets to help their partners sustainably grow their business. With more than 100,000 associates operating in 25 countries and with fluency in over 40 languages, their Concentrix division delivers high-value business services and solutions for the customer-relationship lifecycle to more than 450 clients. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and was ranked 198 on the 2017 Fortune 500. “
SNX has been the topic of a number of other reports. Needham & Company LLC raised SYNNEX from a buy rating to a strong-buy rating and set a $135.00 price target on the stock in a research note on Thursday, October 4th. Stifel Nicolaus decreased their price target on SYNNEX from $130.00 to $114.00 and set a buy rating on the stock in a research note on Thursday, October 4th. SunTrust Banks decreased their price target on SYNNEX to $100.00 and set a buy rating on the stock in a research note on Thursday, October 4th. ValuEngine lowered SYNNEX from a sell rating to a strong sell rating in a research note on Tuesday, June 26th. Finally, Pivotal Research decreased their price target on SYNNEX from $135.00 to $130.00 and set a buy rating on the stock in a research note on Friday, June 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. SYNNEX has an average rating of Buy and an average target price of $127.00.
SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Wednesday, October 3rd. The business services provider reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.11. SYNNEX had a return on equity of 16.69% and a net margin of 1.49%. The firm had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.88 billion. During the same period last year, the company earned $2.16 EPS. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. Sell-side analysts expect that SYNNEX will post 10.1 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 26th. Stockholders of record on Friday, October 12th will be issued a $0.35 dividend. The ex-dividend date is Thursday, October 11th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.88%. SYNNEX’s dividend payout ratio (DPR) is 15.80%.
In other news, CFO Marshall Witt sold 600 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $96.47, for a total value of $57,882.00. Following the transaction, the chief financial officer now directly owns 18,410 shares in the company, valued at approximately $1,776,012.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Dennis Polk sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $84.81, for a total value of $169,620.00. Following the completion of the transaction, the chief executive officer now owns 26,494 shares in the company, valued at $2,246,956.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,800 shares of company stock worth $720,206. Company insiders own 3.20% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its holdings in shares of SYNNEX by 228.1% in the 3rd quarter. Bank of Montreal Can now owns 8,922 shares of the business services provider’s stock worth $755,000 after purchasing an additional 6,203 shares during the period. Visionary Asset Management Inc. raised its holdings in shares of SYNNEX by 20.4% in the 3rd quarter. Visionary Asset Management Inc. now owns 3,617 shares of the business services provider’s stock worth $306,000 after purchasing an additional 612 shares during the period. United Services Automobile Association raised its holdings in shares of SYNNEX by 41.0% during the 2nd quarter. United Services Automobile Association now owns 35,451 shares of the business services provider’s stock valued at $3,421,000 after buying an additional 10,300 shares during the period. Northern Trust Corp raised its holdings in shares of SYNNEX by 6.1% during the 2nd quarter. Northern Trust Corp now owns 906,408 shares of the business services provider’s stock valued at $87,477,000 after buying an additional 52,225 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of SYNNEX by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 391,245 shares of the business services provider’s stock valued at $37,760,000 after buying an additional 8,603 shares during the period. Institutional investors own 71.64% of the company’s stock.
SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.
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