Synnex Corporation (SNX) Receives Buy Rating from Stifel Nicolaus
Stifel Nicolaus reaffirmed their buy rating on shares of Synnex Corporation (NYSE:SNX) in a research note issued to investors on Tuesday morning. They currently have a $132.00 target price on the business services provider’s stock.
Several other equities research analysts also recently issued reports on SNX. Citigroup Inc. lifted their price target on shares of Synnex Corporation from $122.00 to $130.00 and gave the stock a neutral rating in a research note on Tuesday, September 26th. Pivotal Research began coverage on shares of Synnex Corporation in a research note on Friday, October 6th. They set a hold rating and a $137.00 price target on the stock. Needham & Company LLC lifted their price target on shares of Synnex Corporation from $135.00 to $145.00 and gave the stock a buy rating in a research note on Tuesday, September 26th. ValuEngine raised shares of Synnex Corporation from a hold rating to a buy rating in a research note on Monday, October 2nd. Finally, BidaskClub downgraded shares of Synnex Corporation from a hold rating to a sell rating in a research note on Monday, August 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $135.13.
Synnex Corporation (NYSE SNX) opened at 131.25 on Tuesday. Synnex Corporation has a 52 week low of $100.06 and a 52 week high of $133.44. The firm has a market cap of $5.25 billion, a P/E ratio of 17.81 and a beta of 1.08. The company’s 50 day moving average is $121.03 and its 200-day moving average is $116.04.
Synnex Corporation (NYSE:SNX) last released its quarterly earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.19. Synnex Corporation had a net margin of 1.89% and a return on equity of 16.58%. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4 billion. During the same quarter in the previous year, the firm posted $1.73 EPS. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. Equities analysts expect that Synnex Corporation will post $8.76 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 13th will be given a $0.30 dividend. The ex-dividend date is Thursday, October 12th. This represents a $1.20 annualized dividend and a dividend yield of 0.91%. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. Synnex Corporation’s payout ratio is presently 16.28%.
Synnex Corporation announced that its board has authorized a stock buyback program on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the business services provider to reacquire up to 6.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, CEO Kevin M. Murai sold 2,000 shares of the business’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $130.37, for a total value of $260,740.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marshall Witt sold 300 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $127.09, for a total transaction of $38,127.00. Following the completion of the sale, the chief financial officer now directly owns 20,200 shares of the company’s stock, valued at approximately $2,567,218. The disclosure for this sale can be found here. Insiders sold a total of 16,796 shares of company stock valued at $2,036,979 in the last three months. Insiders own 3.20% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE boosted its holdings 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 buying an additional 284 shares during the period. UBS Asset Management Americas Inc. boosted its holdings in shares of Synnex Corporation by 22.2% in the 1st quarter. UBS Asset Management Americas Inc. now owns 15,693 shares of the business services provider’s stock valued at $1,757,000 after buying an additional 2,854 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Synnex Corporation by 48.0% in the 1st quarter. Victory Capital Management Inc. now owns 11,112 shares of the business services provider’s stock valued at $1,244,000 after buying an additional 3,604 shares during the period. Neuberger Berman Group LLC boosted its holdings in shares of Synnex Corporation by 39.3% in the 1st quarter. Neuberger Berman Group LLC now owns 4,854 shares of the business services provider’s stock valued at $543,000 after buying an additional 1,369 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Synnex Corporation by 6.4% in the 1st quarter. Wellington Management Group LLP now owns 180,354 shares of the business services provider’s stock valued at $20,188,000 after buying an additional 10,770 shares during the period. 71.23% of the stock is owned by 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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