Zacks Investment Research cut shares of SYNNEX (NYSE:SNX) from a hold rating to a sell rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, “SYNNEX Corporation, a business process services company, provides business-to-business services that help their customers and business partners grow and enhance their customer-engagement strategies. Headquartered in Fremont, CA, and with operations in more than 30 countries, SYNNEX is an industry leader in IT distribution and customer care outsourced services, operating in two business segments: Technology Solutions and Concentrix. SYNNEX brings the most relevant technology solutions to the IT and consumer electronics markets to help their partners sustainably grow their business. With more than 100,000 associates operating in 25 countries and with fluency in over 40 languages, their Concentrix division delivers high-value business services and solutions for the customer-relationship lifecycle to more than 450 clients. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and was ranked 198 on the 2017 Fortune 500. “

SNX has been the topic of a number of other research reports. Barrington Research set a $118.00 price objective on shares of SYNNEX and gave the stock a buy rating in a research note on Friday, July 12th. ValuEngine cut shares of SYNNEX from a sell rating to a strong sell rating in a research note on Thursday, August 1st. Finally, Bank of America started coverage on shares of SYNNEX in a research note on Friday, September 6th. They set a buy rating and a $120.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $122.25.

Shares of NYSE:SNX opened at $97.93 on Tuesday. SYNNEX has a twelve month low of $71.82 and a twelve month high of $109.62. The company’s 50 day moving average is $87.64 and its 200 day moving average is $95.48. The company has a current ratio of 1.57, a quick ratio of 0.99 and a debt-to-equity ratio of 0.79. The company has a market cap of $5.02 billion, a PE ratio of 8.99, a price-to-earnings-growth ratio of 0.77 and a beta of 0.99.

SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Tuesday, June 25th. The business services provider reported $2.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.71 by $0.15. The company had revenue of $5.72 billion for the quarter, compared to the consensus estimate of $5.53 billion. SYNNEX had a net margin of 1.79% and a return on equity of 17.65%. Equities research analysts predict that SYNNEX will post 12.07 earnings per share for the current fiscal year.

In other news, SVP Simon Leung sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $100.64, for a total transaction of $100,640.00. Following the transaction, the senior vice president now owns 19,307 shares in the company, valued at approximately $1,943,056.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Marshall Witt sold 285 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $98.50, for a total value of $28,072.50. Following the transaction, the chief financial officer now owns 15,008 shares in the company, valued at approximately $1,478,288. The disclosure for this sale can be found here. Insiders have sold a total of 4,536 shares of company stock worth $451,212 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Large investors have recently made changes to their positions in the company. CENTRAL TRUST Co lifted its position in shares of SYNNEX by 290.7% during the 2nd quarter. CENTRAL TRUST Co now owns 336 shares of the business services provider’s stock valued at $32,000 after buying an additional 250 shares in the last quarter. First National Bank of South Miami purchased a new position in shares of SYNNEX during the 2nd quarter valued at approximately $52,000. FNY Investment Advisers LLC purchased a new position in shares of SYNNEX during the 2nd quarter valued at approximately $79,000. Investors Research Corp lifted its position in shares of SYNNEX by 17.6% during the 2nd quarter. Investors Research Corp now owns 843 shares of the business services provider’s stock valued at $83,000 after buying an additional 126 shares in the last quarter. Finally, Huntington National Bank lifted its position in shares of SYNNEX by 21.6% during the 2nd quarter. Huntington National Bank now owns 1,111 shares of the business services provider’s stock valued at $109,000 after buying an additional 197 shares in the last quarter. Hedge funds and other institutional investors own 76.70% of the company’s stock.

SYNNEX Company Profile

SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.

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