SunTrust Banks reissued their buy rating on shares of Synnex (NYSE:SNX) in a research note published on Tuesday morning. They currently have a $130.00 price objective on the business services provider’s stock. SunTrust Banks also issued estimates for Synnex’s Q2 2018 earnings at $2.27 EPS, Q3 2018 earnings at $2.71 EPS, Q4 2018 earnings at $3.09 EPS, FY2018 earnings at $10.21 EPS, Q1 2019 earnings at $2.42 EPS, Q2 2019 earnings at $2.55 EPS, Q3 2019 earnings at $2.70 EPS, Q4 2019 earnings at $3.37 EPS and FY2019 earnings at $11.04 EPS.
SNX has been the subject of a number of other reports. Pivotal Research set a $135.00 price objective on Synnex and gave the company a buy rating in a research report on Monday. Citigroup restated a neutral rating and issued a $150.00 price objective on shares of Synnex in a research report on Wednesday, January 10th. Stifel Nicolaus restated a hold rating and issued a $140.00 price objective (down from $152.00) on shares of Synnex in a research report on Monday. Zacks Investment Research cut Synnex from a buy rating to a hold rating in a research report on Wednesday, March 14th. Finally, ValuEngine cut Synnex from a buy rating to a hold rating in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $140.63.
Synnex stock opened at $97.87 on Tuesday. The company has a market capitalization of $3,996.52, a PE ratio of 11.05 and a beta of 0.97. Synnex has a 12 month low of $96.01 and a 12 month high of $141.94. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 0.89.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Investors of record on Friday, April 13th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Thursday, April 12th. Synnex’s payout ratio is 15.80%.
In related news, Director Matthew Miau sold 800,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $130.30, for a total transaction of $104,240,000.00. Following the completion of the sale, the director now directly owns 375,557 shares in the company, valued at $48,935,077.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrea M. Zulberti sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $137.91, for a total value of $206,865.00. Following the sale, the director now owns 13,922 shares of the company’s stock, valued at $1,919,983.02. The disclosure for this sale can be found here. Insiders have sold 1,271,900 shares of company stock valued at $165,625,452 over the last quarter. 3.20% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in Synnex by 8.1% during the fourth quarter. BlackRock Inc. now owns 3,582,707 shares of the business services provider’s stock worth $487,070,000 after buying an additional 269,430 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Synnex by 541.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 205,406 shares of the business services provider’s stock worth $27,925,000 after buying an additional 173,406 shares during the last quarter. Mawer Investment Management Ltd. boosted its stake in Synnex by 143.2% during the fourth quarter. Mawer Investment Management Ltd. now owns 271,600 shares of the business services provider’s stock worth $36,924,000 after buying an additional 159,900 shares during the last quarter. Shellback Capital LP boosted its stake in Synnex by 457.1% during the fourth quarter. Shellback Capital LP now owns 140,401 shares of the business services provider’s stock worth $19,088,000 after buying an additional 115,201 shares during the last quarter. Finally, Capital Analysts LLC boosted its stake in Synnex by 1,069.4% during the fourth quarter. Capital Analysts LLC now owns 97,917 shares of the business services provider’s stock worth $8,125,000 after buying an additional 89,544 shares during the last quarter. Hedge funds and other 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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