Synnex Corporation (NYSE:SNX) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Monday.

A number of other equities research analysts have also commented on SNX. Zacks Investment Research lowered shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Citigroup Inc. reissued a “neutral” rating and set a $133.00 target price (up previously from $122.00) on shares of Synnex Corporation in a research note on Sunday, June 25th. BidaskClub downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Needham & Company LLC boosted their target price on shares of Synnex Corporation from $135.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, September 26th. Finally, 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 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $134.86.

Shares of Synnex Corporation (NYSE:SNX) opened at 128.67 on Monday. Synnex Corporation has a 12 month low of $100.06 and a 12 month high of $131.35. The firm has a market capitalization of $5.14 billion, a P/E ratio of 18.47 and a beta of 1.08. The company has a 50 day moving average of $117.32 and a 200-day moving average of $115.15.

Synnex Corporation (NYSE:SNX) last released its earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.19. The business 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 for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.73 EPS. Analysts predict that Synnex Corporation will post $8.76 EPS for the current year.

Synnex Corporation declared that its board has initiated a share buyback plan on Thursday, June 22nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the business services provider to buy up to 6.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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In other Synnex Corporation news, Director Fred A. Breidenbach sold 1,321 shares of Synnex Corporation stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $127.92, for a total value of $168,982.32. Following the completion of the sale, the director now directly owns 18,087 shares of the company’s stock, valued at $2,313,689.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Simon Leung sold 759 shares of Synnex Corporation stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $119.77, for a total transaction of $90,905.43. Following the completion of the sale, the senior vice president now directly owns 25,053 shares of the company’s stock, valued at $3,000,597.81. The disclosure for this sale can be found here. Insiders have sold a total of 19,796 shares of company stock worth $2,373,169 in the last quarter. 3.20% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its position in Synnex Corporation by 2.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 190,892 shares of the business services provider’s stock valued at $22,900,000 after buying an additional 3,903 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Synnex Corporation by 126.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,300 shares of the business services provider’s stock worth $1,835,000 after buying an additional 8,531 shares during the period. Victory Capital Management Inc. raised its stake in Synnex Corporation by 1,268.6% during the 2nd quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock worth $18,244,000 after buying an additional 140,969 shares during the period. Vanguard Group Inc. raised its stake in Synnex Corporation by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock worth $352,667,000 after buying an additional 95,341 shares during the period. Finally, Capital Analysts LLC acquired a new position in Synnex Corporation during the 2nd quarter worth approximately $966,000. Institutional investors own 71.26% of the company’s stock.

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.

Analyst Recommendations for Synnex Corporation (NYSE:SNX)

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