Needham & Company LLC reaffirmed their buy rating on shares of Synnex (NYSE:SNX) in a research note published on Monday morning, MarketBeat reports. Needham & Company LLC currently has a $135.00 price objective on the business services provider’s stock, down from their prior price objective of $151.00. The analysts noted that the move was a valuation call.
A number of other research analysts have also recently weighed in on the stock. Stifel Nicolaus reissued a hold rating and set a $140.00 price objective (down from $152.00) on shares of Synnex in a research note on Monday. Pivotal Research set a $135.00 target price on shares of Synnex and gave the stock a buy rating in a research note on Monday. Zacks Investment Research cut shares of Synnex from a buy rating to a hold rating in a research note on Wednesday, March 14th. ValuEngine cut shares of Synnex from a buy rating to a hold rating in a research note on Friday, February 2nd. Finally, Loop Capital lifted their target price on shares of Synnex from $1.00 to $160.00 and gave the stock a buy rating in a research note on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Synnex has an average rating of Buy and an average price target of $140.63.
Shares of SNX opened at $97.87 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 0.89. Synnex has a 1-year low of $96.01 and a 1-year high of $141.94. The company has a market cap of $3,928.75, a PE ratio of 11.05 and a beta of 0.97.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 27th. Shareholders of record on Friday, April 13th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $1.40 annualized dividend and a yield of 1.43%. Synnex’s payout ratio is currently 15.80%.
In other Synnex news, Director Matthew Miau sold 500 shares of Synnex stock in a transaction on Wednesday, April 4th. The shares were sold at an average price of $97.95, for a total value of $48,975.00. Following the transaction, the director now owns 375,357 shares in the company, valued at approximately $36,766,218.15. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Dennis Polk sold 2,000 shares of Synnex stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $100.09, for a total transaction of $200,180.00. The disclosure for this sale can be found here. Insiders sold a total of 1,271,900 shares of company stock valued at $165,625,452 over the last ninety days. 3.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in shares of Synnex by 8.1% in the 4th quarter. BlackRock Inc. now owns 3,582,707 shares of the business services provider’s stock valued at $487,070,000 after purchasing an additional 269,430 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Synnex by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 381,398 shares of the business services provider’s stock valued at $51,851,000 after purchasing an additional 4,546 shares during the last quarter. Boston Partners boosted its holdings in shares of Synnex by 10.2% in the 4th quarter. Boston Partners now owns 292,768 shares of the business services provider’s stock valued at $39,802,000 after purchasing an additional 26,991 shares during the last quarter. Mawer Investment Management Ltd. lifted its holdings in shares of Synnex by 143.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 271,600 shares of the business services provider’s stock valued at $36,924,000 after acquiring an additional 159,900 shares in the last quarter. Finally, Teachers Advisors LLC lifted its holdings in shares of Synnex by 4.2% during the 4th quarter. Teachers Advisors LLC now owns 270,609 shares of the business services provider’s stock valued at $36,789,000 after acquiring an additional 10,866 shares in the last quarter. Institutional investors own 71.84% of the company’s stock.
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SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.
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