SYNNEX (NYSE:SNX) Downgraded to “Sell” at Zacks Investment Research

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SYNNEX (NYSE:SNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “SYNNEX Corporation, a business process services company, provides business-to-business services that help their customers and business partners grow and enhance their customer-engagement strategies. Headquartered in Fremont, CA, and with operations in more than 30 countries, SYNNEX is an industry leader in IT distribution and customer care outsourced services, operating in two business segments: Technology Solutions and Concentrix. SYNNEX brings the most relevant technology solutions to the IT and consumer electronics markets to help their partners sustainably grow their business. With more than 100,000 associates operating in 25 countries and with fluency in over 40 languages, their Concentrix division delivers high-value business services and solutions for the customer-relationship lifecycle to more than 450 clients. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and was ranked 198 on the 2017 Fortune 500. “

Other research analysts also recently issued reports about the stock. ValuEngine downgraded shares of SYNNEX from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Bank of America assumed coverage on shares of SYNNEX in a research report on Friday, September 6th. They set a “buy” rating and a $120.00 price objective on the stock. Finally, Barrington Research set a $118.00 price objective on shares of SYNNEX and gave the company a “buy” rating in a research report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $122.25.

Shares of SNX opened at $96.92 on Tuesday. The company’s 50 day moving average price is $87.80 and its 200 day moving average price is $95.50. SYNNEX has a 52 week low of $71.82 and a 52 week high of $109.62. The company has a market capitalization of $4.91 billion, a PE ratio of 8.90, a PEG ratio of 0.78 and a beta of 0.99. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.99 and a current ratio of 1.57.

SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Tuesday, June 25th. The business services provider reported $2.86 EPS for the quarter, beating the Zacks’ consensus estimate of $2.71 by $0.15. SYNNEX had a net margin of 1.79% and a return on equity of 17.65%. The firm had revenue of $5.72 billion for the quarter, compared to the consensus estimate of $5.53 billion. On average, equities analysts forecast that SYNNEX will post 12.07 earnings per share for the current fiscal year.

In other SYNNEX news, CFO Marshall Witt sold 285 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $98.50, for a total value of $28,072.50. Following the completion of the sale, the chief financial officer now directly owns 15,008 shares of the company’s stock, valued at $1,478,288. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Simon Leung sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $100.03, for a total transaction of $100,030.00. Following the completion of the sale, the senior vice president now directly owns 21,257 shares of the company’s stock, valued at $2,126,337.71. The disclosure for this sale can be found here. Insiders sold 4,536 shares of company stock valued at $451,212 over the last three months. Insiders own 3.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of SNX. Municipal Employees Retirement System of Michigan lifted its stake in shares of SYNNEX by 1.5% in the second quarter. Municipal Employees Retirement System of Michigan now owns 7,667 shares of the business services provider’s stock worth $754,000 after buying an additional 110 shares during the last quarter. Investors Research Corp lifted its stake in shares of SYNNEX by 17.6% in the second quarter. Investors Research Corp now owns 843 shares of the business services provider’s stock worth $83,000 after buying an additional 126 shares during the last quarter. Private Trust Co. NA lifted its stake in shares of SYNNEX by 2.8% in the second quarter. Private Trust Co. NA now owns 5,531 shares of the business services provider’s stock worth $544,000 after buying an additional 151 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of SYNNEX by 16.0% in the second quarter. Bank of Montreal Can now owns 1,327 shares of the business services provider’s stock worth $131,000 after buying an additional 183 shares during the last quarter. Finally, Huntington National Bank lifted its stake in shares of SYNNEX by 21.6% in the second quarter. Huntington National Bank now owns 1,111 shares of the business services provider’s stock worth $109,000 after buying an additional 197 shares during the last quarter. 76.70% of the stock is owned by institutional investors.

SYNNEX Company Profile

SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.

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