Synnex Corp.’s (SNX) “Buy” Rating Reaffirmed at Brean Capital
Brean Capital reaffirmed their buy rating on shares of Synnex Corp. (NYSE:SNX) in a research report released on Wednesday morning. They currently have a $124.00 target price on the stock, up from their prior target price of $108.00.
Several other research firms have also issued reports on SNX. Zacks Investment Research lowered Synnex Corp. from a hold rating to a sell rating in a report on Thursday, August 25th. Credit Agricole SA increased their target price on Synnex Corp. from $88.00 to $113.00 and gave the stock an underperform rating in a report on Tuesday. Stifel Nicolaus increased their target price on Synnex Corp. from $98.00 to $104.00 and gave the stock a hold rating in a report on Tuesday. Citigroup Inc. increased their target price on Synnex Corp. from $103.00 to $112.00 and gave the stock a neutral rating in a report on Tuesday. Finally, Needham & Company LLC reissued a hold rating on shares of Synnex Corp. in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Synnex Corp. currently has a consensus rating of Hold and a consensus target price of $106.71.
Shares of Synnex Corp. (NYSE:SNX) traded down 1.03% during mid-day trading on Wednesday, reaching $114.31. The company’s stock had a trading volume of 42,546 shares. The firm has a market cap of $4.55 billion, a PE ratio of 22.64 and a beta of 1.04. The company has a 50-day moving average of $105.61 and a 200-day moving average of $95.24. Synnex Corp. has a 12 month low of $75.87 and a 12 month high of $118.80.
Synnex Corp. (NYSE:SNX) last released its earnings results on Monday, September 26th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.17. The company had revenue of $3.67 billion for the quarter. Synnex Corp. had a return on equity of 13.47% 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 last year, the company posted $1.47 earnings per share. On average, analysts predict that Synnex Corp. will post $6.57 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date is Wednesday, October 12th. This is a boost from Synnex Corp.’s previous quarterly dividend of $0.20. Synnex Corp.’s dividend payout ratio (DPR) is 15.07%.
In other Synnex Corp. news, Director Duane E. Zitzner sold 950 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $105.00, for a total value of $99,750.00. Following the completion of the sale, the director now owns 14,400 shares of the company’s stock, valued at $1,512,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Dennis Polk sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $105.91, for a total value of $105,910.00. Following the completion of the sale, the chief operating officer now directly owns 59,697 shares of the company’s stock, valued at approximately $6,322,509.27. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Aperio Group LLC boosted its stake in shares of Synnex Corp. by 23.4% in the first quarter. Aperio Group LLC now owns 11,662 shares of the company’s stock worth $1,080,000 after buying an additional 2,211 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Synnex Corp. by 0.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 21,805 shares of the company’s stock valued at $2,019,000 after buying an additional 125 shares during the last quarter. Teachers Advisors Inc. boosted its position in shares of Synnex Corp. by 2.7% in the first quarter. Teachers Advisors Inc. now owns 42,554 shares of the company’s stock valued at $3,940,000 after buying an additional 1,130 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Synnex Corp. by 62.8% in the first quarter. Prudential Financial Inc. now owns 217,470 shares of the company’s stock valued at $20,135,000 after buying an additional 83,890 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Synnex Corp. by 41.5% in the first quarter. BlackRock Inc. now owns 15,987 shares of the company’s stock valued at $1,480,000 after buying an additional 4,687 shares during the last quarter. 75.41% of the stock is owned by hedge funds and other institutional investors.
Synnex Corp. Company Profile
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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