Several other equities research analysts have also issued reports on the stock. Stifel Nicolaus lifted their price target on shares of Synnex Corp. from $98.00 to $104.00 and gave the company a hold rating in a report on Tuesday. Needham & Company LLC reaffirmed a hold rating on shares of Synnex Corp. in a report on Tuesday. Zacks Investment Research raised shares of Synnex Corp. from a hold rating to a buy rating and set a $117.00 price target on the stock in a report on Friday, September 9th. Raymond James Financial Inc. reaffirmed a market perform rating on shares of Synnex Corp. in a report on Friday, July 15th. Finally, Brean Capital reaffirmed a buy rating and set a $108.00 price target (up from $97.00) on shares of Synnex Corp. in a report on Friday, June 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Synnex Corp. presently has an average rating of Hold and an average price target of $106.71.
Synnex Corp. (NYSE:SNX) opened at 116.62 on Tuesday. The stock’s 50 day moving average is $105.23 and its 200 day moving average is $95.09. The company has a market cap of $4.64 billion, a P/E ratio of 23.09 and a beta of 1.04. Synnex Corp. has a 12-month low of $75.87 and a 12-month high of $117.98.
Synnex Corp. (NYSE:SNX) last released its earnings results on Monday, September 26th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.56 by $0.17. Synnex Corp. had a net margin of 1.54% and a return on equity of 13.64%. The firm had revenue of $3.67 billion for the quarter. During the same period in the prior year, the business earned $1.47 earnings per share. Synnex Corp.’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, equities analysts forecast that Synnex Corp. will post $6.23 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be given a $0.25 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.86%. This is an increase from Synnex Corp.’s previous quarterly dividend of $0.20. Synnex Corp.’s payout ratio is 15.07%.
In other news, COO Dennis Polk sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $93.71, for a total value of $187,420.00. Following the transaction, the chief operating officer now owns 63,130 shares in the company, valued at approximately $5,915,912.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Simon Leung sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $93.71, for a total transaction of $93,710.00. Following the completion of the transaction, the senior vice president now owns 25,786 shares in the company, valued at approximately $2,416,406.06. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of SNX. AXA purchased a new position in shares of Synnex Corp. during the first quarter worth about $2,037,000. Teachers Advisors Inc. increased its position in shares of Synnex Corp. by 2.7% in the first quarter. Teachers Advisors Inc. now owns 42,554 shares of the company’s stock worth $3,940,000 after buying an additional 1,130 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Synnex Corp. by 17.9% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 25,700 shares of the company’s stock worth $2,437,000 after buying an additional 3,895 shares during the period. Metropolitan Life Insurance Co. NY increased its position in shares of Synnex Corp. by 3.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 46,158 shares of the company’s stock worth $4,274,000 after buying an additional 1,555 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new position in shares of Synnex Corp. during the second quarter worth about $22,606,000. Hedge funds and other institutional investors own 75.41% of the company’s stock.
About Synnex Corp.
SYNNEX Corporation is a process services company. The Company offers a range of services to resellers, retailers, original equipment manufacturers (OEMs), financial and insurance institutions, and other industry verticals across the world. The Company operates in two segments: Technology Solutions and Concentrix.
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