Synnex Corporation (SNX) PT Raised to $130.00 at Citigroup Inc.
Synnex Corporation (NYSE:SNX) had its price target increased by equities researchers at Citigroup Inc. from $122.00 to $130.00 in a note issued to investors on Tuesday. The firm currently has a “neutral” rating on the business services provider’s stock. Citigroup Inc.’s price target would suggest a potential upside of 3.42% from the company’s current price.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut Synnex Corporation from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. BidaskClub cut Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Needham & Company LLC increased their target price on Synnex Corporation from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday. ValuEngine cut Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Finally, Loop Capital initiated coverage on Synnex Corporation in a research note on Thursday, August 24th. They set a “buy” rating and a $140.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Synnex Corporation currently has a consensus rating of “Buy” and a consensus target price of $134.86.
Shares of Synnex Corporation (SNX) opened at 125.70 on Tuesday. The firm has a market capitalization of $5.02 billion, a PE ratio of 18.04 and a beta of 1.05. Synnex Corporation has a 12 month low of $100.06 and a 12 month high of $131.35. The firm’s 50 day moving average is $116.16 and its 200-day moving average is $114.82.
Synnex Corporation (NYSE:SNX) last posted its earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.97 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4 billion. Synnex Corporation had a net margin of 1.89% and a return on equity of 16.58%. The company’s revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 EPS. On average, analysts expect that Synnex Corporation will post $8.76 EPS for the current fiscal year.
Synnex Corporation declared that its board has authorized a share buyback plan on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the business services provider to buy up to 6.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
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In other Synnex Corporation news, CEO Kevin M. Murai sold 2,000 shares of the firm’s 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 approximately $16,175,068.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Larocque sold 4,265 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $119.08, for a total value of $507,876.20. Following the sale, the insider now owns 14,958 shares of the company’s stock, valued at $1,781,198.64. The disclosure for this sale can be found here. Insiders sold a total of 23,354 shares of company stock valued at $2,773,504 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of SNX. Great West Life Assurance Co. Can raised its stake in shares of Synnex Corporation by 4.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 17,701 shares of the business services provider’s stock valued at $1,981,000 after acquiring an additional 827 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Synnex Corporation by 26.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 15,622 shares of the business services provider’s stock valued at $1,749,000 after acquiring an additional 3,278 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Synnex Corporation by 3.1% in the 1st quarter. First Trust Advisors LP now owns 21,722 shares of the business services provider’s stock valued at $2,432,000 after acquiring an additional 659 shares in the last quarter. US Bancorp DE raised its stake in shares of Synnex Corporation by 34.3% in the 1st quarter. US Bancorp DE now owns 1,112 shares of the business services provider’s stock valued at $124,000 after acquiring an additional 284 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Synnex Corporation by 5.3% in the 1st quarter. Bank of New York Mellon Corp now owns 379,550 shares of the business services provider’s stock valued at $42,487,000 after acquiring an additional 19,161 shares in the last quarter. 71.26% of the stock is currently owned by institutional investors and hedge funds.
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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