Synnex Corporation (NYSE:SNX) has been assigned an average recommendation of “Hold” from the ten analysts that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $129.00.
A number of research analysts have issued reports on SNX shares. ValuEngine downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. BidaskClub downgraded shares of Synnex Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Citigroup Inc. reduced their target price on shares of Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating on the stock in a research report on Friday, June 9th. Raymond James Financial, Inc. raised shares of Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 target price on the stock in a research report on Friday, May 19th. Finally, Zacks Investment Research downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th.
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Synnex Corporation (NYSE SNX) traded up 2.32% during midday trading on Wednesday, reaching $113.93. 169,560 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $116.98 and a 200 day moving average price of $114.95. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $131.35. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 16.35 and a beta of 1.05.
Synnex Corporation (NYSE:SNX) last issued its quarterly earnings data on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.29. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.79 billion. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.37 EPS. On average, analysts expect that Synnex Corporation will post $8.38 EPS for the current fiscal year.
Synnex Corporation announced that its board has authorized a share buyback program on Thursday, June 22nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In related news, COO Dennis Polk sold 1,500 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $115.06, for a total value of $172,590.00. Following the transaction, the chief operating officer now owns 25,968 shares in the company, valued at approximately $2,987,878.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Peter Larocque sold 4,265 shares of the company’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $119.08, for a total transaction of $507,876.20. Following the completion of the transaction, the insider now owns 14,958 shares in the company, valued at approximately $1,781,198.64. The disclosure for this sale can be found here. Insiders sold a total of 26,172 shares of company stock worth $3,135,754 over the last ninety days. Insiders own 3.20% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Globeflex Capital L P boosted its stake in Synnex Corporation by 0.3% in the 2nd quarter. Globeflex Capital L P now owns 3,531 shares of the business services provider’s stock worth $424,000 after purchasing an additional 10 shares in the last quarter. World Asset Management Inc boosted its stake in Synnex Corporation by 0.8% in the 1st quarter. World Asset Management Inc now owns 2,086 shares of the business services provider’s stock worth $234,000 after purchasing an additional 17 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in Synnex Corporation by 0.4% in the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 5,023 shares of the business services provider’s stock worth $562,000 after purchasing an additional 19 shares in the last quarter. Regentatlantic Capital LLC boosted its stake in Synnex Corporation by 1.5% in the 2nd quarter. Regentatlantic Capital LLC now owns 2,085 shares of the business services provider’s stock worth $250,000 after purchasing an additional 30 shares in the last quarter. Finally, Affinity Wealth Management boosted its stake in Synnex Corporation by 1.9% in the 2nd quarter. Affinity Wealth Management now owns 1,869 shares of the business services provider’s stock worth $224,000 after purchasing an additional 34 shares in the last quarter. Institutional investors own 71.39% of the company’s stock.
About Synnex Corporation
Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.
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