Synnex Corp. (SNX) Price Target Increased to $113.00 by Analysts at Credit Agricole SA
Other equities analysts also recently issued research reports about the company. Stifel Nicolaus upped their price objective on Synnex Corp. from $98.00 to $104.00 and gave the company a hold rating in a research report on Tuesday. Needham & Company LLC reaffirmed a hold rating on shares of Synnex Corp. in a research report on Tuesday. Citigroup Inc. upped their price objective on Synnex Corp. from $103.00 to $112.00 and gave the company a neutral rating in a research report on Tuesday. Brean Capital reaffirmed a buy rating and issued a $108.00 price objective (up previously from $97.00) on shares of Synnex Corp. in a research report on Friday, June 24th. Finally, Raymond James Financial Inc. downgraded Synnex Corp. from an outperform rating to a market perform rating in a research report on Wednesday, June 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Synnex Corp. presently has a consensus rating of Hold and a consensus price target of $106.71.
Synnex Corp. (NYSE:SNX) opened at 116.62 on Tuesday. The company has a 50 day moving average of $105.23 and a 200 day moving average of $95.09. Synnex Corp. has a 52-week low of $75.87 and a 52-week high of $117.98. The company has a market capitalization of $4.64 billion, a PE ratio of 23.09 and a beta of 1.04.
Synnex Corp. (NYSE:SNX) last released its earnings results on Monday, September 26th. The company reported $1.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.56 by $0.17. The firm had revenue of $3.67 billion for the quarter. Synnex Corp. had a return on equity of 13.64% and a net margin of 1.54%. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.47 EPS. On average, equities research analysts forecast that Synnex Corp. will post $6.23 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be paid a dividend of $0.25 per share. This is a boost from Synnex Corp.’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Wednesday, October 12th. Synnex Corp.’s dividend payout ratio is 15.07%.
In related news, Director Duane E. Zitzner sold 950 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $105.00, for a total transaction of $99,750.00. Following the completion of the sale, the director now directly owns 14,400 shares in the company, valued at approximately $1,512,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin M. Murai sold 16,500 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $94.18, for a total value of $1,553,970.00. Following the sale, the chief executive officer now owns 138,234 shares of the company’s stock, valued at $13,018,878.12. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
Several large investors have recently modified their holdings of SNX. Vanguard Group Inc. boosted its stake in shares of Synnex Corp. by 12.2% in the second quarter. Vanguard Group Inc. now owns 2,935,569 shares of the company’s stock worth $278,350,000 after buying an additional 319,670 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Synnex Corp. by 3.3% in the second quarter. BlackRock Fund Advisors now owns 1,425,615 shares of the company’s stock worth $135,177,000 after buying an additional 45,946 shares during the period. State Street Corp boosted its stake in shares of Synnex Corp. by 1.0% in the second quarter. State Street Corp now owns 900,446 shares of the company’s stock worth $85,379,000 after buying an additional 8,892 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Synnex Corp. by 2.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 883,556 shares of the company’s stock worth $83,779,000 after buying an additional 18,825 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Synnex Corp. by 52.1% in the second quarter. JPMorgan Chase & Co. now owns 786,864 shares of the company’s stock worth $74,611,000 after buying an additional 269,364 shares during the period. Hedge funds and other institutional investors own 75.41% of the company’s stock.
About Synnex Corp.
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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