Synnex Corp. (NYSE:SNX)‘s stock had its “buy” rating reissued by analysts at Brean Capital in a research note issued on Wednesday. They currently have a $124.00 price objective on the stock, up from their previous price objective of $108.00. Brean Capital’s price target suggests a potential upside of 9.30% from the stock’s current price.
Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Synnex Corp. from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a report on Wednesday, July 6th. Stifel Nicolaus raised their target price on shares of Synnex Corp. from $98.00 to $104.00 and gave the stock 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. Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Synnex Corp. in a report on Saturday, June 25th. Finally, Citigroup Inc. raised 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. One investment 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 a consensus rating of “Hold” and a consensus price target of $106.71.
Shares of Synnex Corp. (NYSE:SNX) opened at 113.45 on Wednesday. The stock has a 50 day moving average price of $105.90 and a 200 day moving average price of $95.37. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 22.47 and a beta of 1.04. Synnex Corp. has a 1-year low of $75.87 and a 1-year high of $118.80.
Synnex Corp. (NYSE:SNX) last announced its earnings results on Monday, September 26th. The company reported $1.73 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $3.67 billion for the quarter. During the same period in the prior year, the business posted $1.47 earnings per share. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. Analysts forecast that Synnex Corp. will post $6.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders 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 yield of 0.88%. This is a positive change from Synnex Corp.’s previous quarterly dividend of $0.20. Synnex Corp.’s dividend payout ratio (DPR) is currently 15.07%.
In other Synnex Corp. news, insider Peter Larocque sold 996 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $92.45, for a total value of $92,080.20. Following the sale, the insider now owns 25,884 shares in the company, valued at $2,392,975.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrea M. Zulberti sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $99.36, for a total transaction of $248,400.00. Following the completion of the sale, the director now owns 13,785 shares in the company, valued at approximately $1,369,677.60. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of SNX. Acrospire Investment Management LLC raised its stake in shares of Synnex Corp. by 37.5% in the second quarter. Acrospire Investment Management LLC now owns 1,100 shares of the company’s stock worth $104,000 after buying an additional 300 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of Synnex Corp. by 85.7% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 1,300 shares of the company’s stock worth $123,000 after buying an additional 600 shares during the period. Societe Generale acquired a new position in shares of Synnex Corp. during the second quarter worth approximately $156,000. LS Investment Advisors LLC raised its position in shares of Synnex Corp. by 69.0% in the second quarter. LS Investment Advisors LLC now owns 1,734 shares of the company’s stock worth $164,000 after buying an additional 708 shares during the period. Finally, Pacer Advisors Inc. acquired a new position in shares of Synnex Corp. during the second quarter worth approximately $175,000. 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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