Synnex Corp. (NYSE:SNX) reached a new 52-week high on Wednesday after Credit Agricole SA raised their price target on the stock from $88.00 to $113.00. Credit Agricole SA currently has an underperform rating on the stock. Synnex Corp. traded as high as $118.80 and last traded at $115.74, with a volume of 194,924 shares traded. The stock had previously closed at $116.62.
SNX has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Synnex Corp. from a “hold” rating to a “buy” rating and set a $117.00 target price on the stock in a report on Friday, September 9th. Citigroup Inc. upped their target price on shares of Synnex Corp. from $103.00 to $112.00 and gave the stock a “neutral” rating in a report on Tuesday. Raymond James Financial Inc. restated a “market perform” rating on shares of Synnex Corp. in a report on Saturday, June 25th. Finally, Needham & Company LLC restated a “hold” rating on shares of Synnex Corp. in a report on Tuesday. One 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. The stock currently has an average rating of “Hold” and an average price target of $106.71.
In other news, insider Peter Larocque sold 7,000 shares of the stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $94.22, for a total transaction of $659,540.00. Following the completion of the transaction, the insider now directly owns 18,241 shares of the company’s stock, valued at approximately $1,718,667.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Dennis Polk sold 1,000 shares of the stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $105.91, for a total transaction of $105,910.00. Following the transaction, the chief operating officer now directly owns 59,697 shares of the company’s stock, valued at $6,322,509.27. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mason Street Advisors LLC bought a new position in Synnex Corp. during the second quarter worth $1,253,000. Schwab Charles Investment Management Inc. increased its position in Synnex Corp. by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 185,019 shares of the company’s stock worth $17,544,000 after buying an additional 1,111 shares in the last quarter. Amalgamated Bank increased its position in Synnex Corp. by 12.6% in the second quarter. Amalgamated Bank now owns 3,625 shares of the company’s stock worth $379,000 after buying an additional 407 shares in the last quarter. Legal & General Group Plc increased its position in Synnex Corp. by 11.0% in the second quarter. Legal & General Group Plc now owns 33,755 shares of the company’s stock worth $3,191,000 after buying an additional 3,342 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its position in Synnex Corp. by 2.7% in the second quarter. Metropolitan Life Insurance Co. NY now owns 47,426 shares of the company’s stock worth $4,497,000 after buying an additional 1,268 shares in the last quarter. 75.41% of the stock is owned by hedge funds and other institutional investors.
The firm’s 50-day moving average price is $105.90 and its 200-day moving average price is $95.37. The company has a market capitalization of $4.51 billion, a PE ratio of 22.47 and a beta of 1.04.
Synnex Corp. (NYSE:SNX) last released its quarterly earnings data on Monday, September 26th. The company reported $1.73 earnings per share 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 13.47%. The firm earned $3.67 billion during the quarter. During the same period in the previous year, the firm earned $1.47 earnings per share. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, analysts anticipate that Synnex Corp. will post $6.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.88%. This is a boost from Synnex Corp.’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, October 12th. Synnex Corp.’s payout ratio is presently 15.07%.
Synnex Corp. Company Profile
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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