Synnex Corporation (SNX) Coverage Initiated by Analysts at Loop Capital
Loop Capital started coverage on shares of Synnex Corporation (NYSE:SNX) in a research report released on Thursday. The brokerage issued a buy rating and a $140.00 price objective on the business services provider’s stock.
Other equities analysts have also issued reports about the stock. BidaskClub raised shares of Synnex Corporation from a hold rating to a buy rating in a research report on Tuesday, June 13th. Stifel Nicolaus reaffirmed a buy rating and set a $128.00 target price (up from $120.00) on shares of Synnex Corporation in a report on Friday, June 9th. Zacks Investment Research lowered shares of Synnex Corporation from a buy rating to a hold rating in a report on Thursday. Citigroup Inc. cut their target price on shares of Synnex Corporation from $130.00 to $122.00 and set a neutral rating for the company in a report on Friday, June 9th. Finally, Raymond James Financial, Inc. raised shares of Synnex Corporation from a market perform rating to a strong-buy rating and set a $122.00 target price for the company in a report on Friday, May 19th. Two analysts have rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Synnex Corporation has an average rating of Hold and an average price target of $128.57.
Shares of Synnex Corporation (NYSE:SNX) traded up 1.680% during midday trading on Thursday, reaching $116.952. 72,747 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $118.57 and a 200-day moving average of $115.31. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $131.35. The stock has a market capitalization of $4.67 billion, a P/E ratio of 16.784 and a beta of 1.04.
Synnex Corporation (NYSE:SNX) last posted its quarterly earnings results on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.29. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The company had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.79 billion. During the same period last year, the firm posted $1.37 EPS. Synnex Corporation’s revenue for the quarter was up 16.5% compared to the same quarter last year. Analysts anticipate that Synnex Corporation will post $8.41 EPS for the current fiscal year.
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Synnex Corporation announced that its board has initiated a share repurchase plan on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 6.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were paid a $0.25 dividend. The ex-dividend date was Wednesday, July 12th. This represents a $1.00 dividend on an annualized basis and a yield of 0.87%. Synnex Corporation’s dividend payout ratio is currently 14.35%.
In related news, SVP Simon Leung sold 856 shares of Synnex Corporation stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $112.37, for a total value of $96,188.72. Following the sale, the senior vice president now owns 27,078 shares of the company’s stock, valued at approximately $3,042,754.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin M. Murai sold 2,000 shares of Synnex Corporation stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $118.83, for a total transaction of $237,660.00. Following the completion of the sale, the chief executive officer now directly owns 142,311 shares in the company, valued at approximately $16,910,816.13. The disclosure for this sale can be found here. Insiders sold a total of 27,028 shares of company stock worth $3,226,618 in the last three months. 3.20% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in SNX. BlackRock Inc. boosted its stake in shares of Synnex Corporation by 9,152.6% in the first quarter. BlackRock Inc. now owns 3,655,501 shares of the business services provider’s stock valued at $409,198,000 after buying an additional 3,615,993 shares during the period. FMR LLC boosted its stake in shares of Synnex Corporation by 5.7% in the second quarter. FMR LLC now owns 5,587,157 shares of the business services provider’s stock valued at $670,236,000 after buying an additional 302,301 shares during the period. Teachers Advisors LLC boosted its stake in shares of Synnex Corporation by 190.5% in the second quarter. Teachers Advisors LLC now owns 251,605 shares of the business services provider’s stock valued at $30,183,000 after buying an additional 165,008 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Synnex Corporation by 13.3% in the second quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the business services provider’s stock valued at $157,810,000 after buying an additional 154,174 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of Synnex Corporation by 1,268.6% in the second quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock valued at $18,244,000 after buying an additional 140,969 shares during the period. 71.27% of the stock is currently owned by hedge funds and other institutional investors.
Synnex Corporation Company Profile
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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