Kevin M. Murai Sells 2,000 Shares of Synnex Corporation (SNX) Stock
Synnex Corporation (NYSE:SNX) CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $113.66, for a total transaction of $227,320.00. Following the completion of the sale, the chief executive officer now directly owns 142,311 shares in the company, valued at $16,175,068.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Synnex Corporation (NYSE:SNX) opened at 116.15 on Friday. The company has a 50-day moving average of $116.29 and a 200-day moving average of $114.90. The stock has a market capitalization of $4.64 billion, a P/E ratio of 16.67 and a beta of 1.05. Synnex Corporation has a 52 week low of $100.06 and a 52 week high of $131.35.
Synnex Corporation (NYSE:SNX) last posted its quarterly earnings results on Thursday, June 22nd. The business services provider reported $2.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The company had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the previous year, the firm earned $1.37 EPS. The firm’s revenue was up 16.5% compared to the same quarter last year. On average, analysts anticipate that Synnex Corporation will post $8.38 EPS for the current year.
Synnex Corporation declared that its board has approved a share buyback program on Thursday, June 22nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
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Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA lifted its holdings in Synnex Corporation by 126.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,300 shares of the business services provider’s stock worth $1,835,000 after purchasing an additional 8,531 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Synnex Corporation by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock worth $352,667,000 after purchasing an additional 95,341 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Synnex Corporation by 1,268.6% in the 2nd quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock worth $18,244,000 after purchasing an additional 140,969 shares in the last quarter. Clinton Group Inc. purchased a new position in Synnex Corporation in the 1st quarter worth approximately $1,116,000. Finally, Jane Street Group LLC purchased a new position in Synnex Corporation in the 1st quarter worth approximately $228,000. 71.39% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Synnex Corporation from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Stifel Nicolaus reissued a “buy” rating and issued a $132.00 price target on shares of Synnex Corporation in a report on Thursday, August 3rd. Loop Capital assumed coverage on shares of Synnex Corporation in a report on Thursday, August 24th. They issued a “buy” rating and a $140.00 price target on the stock. ValuEngine downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, September 6th. Finally, Citigroup Inc. lowered their target price on shares of Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating on the stock in a research note on Friday, June 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Synnex Corporation has an average rating of “Hold” and an average price target of $128.57.
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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