Synnex Corp. (SNX) Reaches New 1-Year High After Analyst Upgrade
Synnex Corp. (NYSE:SNX) hit a new 52-week high during mid-day trading on Wednesday after Credit Agricole SA raised their price target on the stock from $88.00 to $113.00. Credit Agricole SA currently has an underperform rating on the stock. Synnex Corp. traded as high as $118.80 and last traded at $115.74, with a volume of 194,924 shares traded. The stock had previously closed at $116.62.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research upgraded Synnex Corp. from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a report on Wednesday, July 6th. Brean Capital reiterated a “buy” rating and set a $108.00 price target (up previously from $97.00) on shares of Synnex Corp. in a report on Friday, June 24th. Stifel Nicolaus upped their price target on Synnex Corp. from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Synnex Corp. in a report on Tuesday. Finally, Raymond James Financial Inc. reiterated a “market perform” rating on shares of Synnex Corp. in a report on Saturday, June 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Synnex Corp. presently has an average rating of “Hold” and an average target price of $106.71.
In other news, Director Duane E. Zitzner sold 950 shares of the 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 transaction, the director now owns 14,400 shares in the company, valued at approximately $1,512,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Dennis Polk sold 1,000 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $105.91, for a total value of $105,910.00. Following the transaction, the chief operating officer now 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. Insiders own 3.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of SNX. Mason Street Advisors LLC purchased a new position in Synnex Corp. during the second quarter valued at $1,253,000. Schwab Charles Investment Management Inc. increased its position in Synnex Corp. by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 185,019 shares of the company’s stock valued at $17,544,000 after buying an additional 1,111 shares during the last quarter. Amalgamated Bank increased its position in Synnex Corp. by 12.6% in the second quarter. Amalgamated Bank now owns 3,625 shares of the company’s stock valued at $379,000 after buying an additional 407 shares during the last quarter. Legal & General Group Plc increased its position in Synnex Corp. by 11.0% in the second quarter. Legal & General Group Plc now owns 33,755 shares of the company’s stock valued at $3,191,000 after buying an additional 3,342 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its position in Synnex Corp. by 2.7% in the second quarter. Metropolitan Life Insurance Co. NY now owns 47,426 shares of the company’s stock valued at $4,497,000 after buying an additional 1,268 shares during the last quarter. Institutional investors own 75.41% of the company’s stock.
The firm has a 50-day moving average of $105.61 and a 200-day moving average of $95.24. The stock has a market capitalization of $4.59 billion, a P/E ratio of 22.87 and a beta of 1.04.
Synnex Corp. (NYSE:SNX) last announced its quarterly earnings data on Monday, September 26th. The company reported $1.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.17. The business earned $3.67 billion during the quarter. Synnex Corp. had a return on equity of 13.64% and a net margin of 1.54%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.47 EPS. Analysts forecast that Synnex Corp. will post $6.57 earnings per share for the current fiscal year.
The business 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 dividend of $0.25 per share. This is a boost from Synnex Corp.’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $1.00 dividend on an annualized basis and a yield of 0.87%. Synnex Corp.’s payout ratio is presently 15.07%.
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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