SunTrust Banks Begins Coverage on Synnex (SNX)

SunTrust Banks began coverage on shares of Synnex (NYSE:SNX) in a note issued to investors on Thursday. The firm set a “buy” rating on the business services provider’s stock.

A number of other equities research analysts also recently issued reports on SNX. Citigroup lifted their price target on shares of Synnex from $122.00 to $130.00 and gave the company a “neutral” rating in a research report on Tuesday, September 26th. Needham & Company LLC lifted their price objective on Synnex from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. ValuEngine upgraded Synnex from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. BidaskClub downgraded Synnex from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, Loop Capital lifted their price objective on Synnex from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Synnex presently has an average rating of “Buy” and a consensus target price of $135.13.

Shares of Synnex (SNX) opened at $130.68 on Thursday. Synnex has a 12-month low of $101.48 and a 12-month high of $137.80. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.80 and a current ratio of 1.61. The stock has a market cap of $5,302.18, a P/E ratio of 15.37 and a beta of 1.08.

Synnex (NYSE:SNX) last posted its quarterly earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.19. Synnex had a net margin of 1.89% and a return on equity of 16.58%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4 billion. During the same period last year, the firm earned $1.73 EPS. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. sell-side analysts anticipate that Synnex will post 8.79 earnings per share for the current year.

In other Synnex news, CEO Kevin M. Murai sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $113.66, for a total value of $227,320.00. Following the completion of the transaction, the chief executive officer now directly owns 142,311 shares in the company, valued at approximately $16,175,068.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Dennis Polk sold 1,500 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $126.91, for a total value of $190,365.00. Following the completion of the transaction, the chief operating officer now owns 22,468 shares of the company’s stock, valued at $2,851,413.88. The disclosure for this sale can be found here. Insiders have sold a total of 12,721 shares of company stock valued at $1,629,475 over the last 90 days. Insiders own 3.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Synnex during the 3rd quarter valued at $889,000. California Public Employees Retirement System grew its stake in shares of Synnex by 5.7% during the 3rd quarter. California Public Employees Retirement System now owns 58,110 shares of the business services provider’s stock valued at $7,351,000 after buying an additional 3,110 shares during the period. Affinity Wealth Management grew its stake in shares of Synnex by 72.4% during the 3rd quarter. Affinity Wealth Management now owns 3,222 shares of the business services provider’s stock valued at $408,000 after buying an additional 1,353 shares during the period. Jane Street Group LLC purchased a new stake in shares of Synnex during the 3rd quarter valued at $484,000. Finally, Invictus RG grew its stake in shares of Synnex by 30.6% during the 3rd quarter. Invictus RG now owns 2,994 shares of the business services provider’s stock valued at $379,000 after buying an additional 701 shares during the period. 71.72% of the stock is owned by institutional investors.

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Synnex Company Profile

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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