Synnex Corp. (NYSE:SNX) had its price objective upped by equities research analysts at Citigroup Inc. from $103.00 to $112.00 in a note issued to investors on Tuesday. The brokerage currently has a “neutral” rating on the stock. Citigroup Inc.’s price objective points to a potential upside of 5.48% from the stock’s current price.
Several other analysts have also recently commented on the stock. Stifel Nicolaus raised their target price on shares of Synnex Corp. from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Synnex Corp. in a research note on Tuesday. Zacks Investment Research upgraded shares of Synnex Corp. from a “hold” rating to a “buy” rating and set a $117.00 target price for the company in a research note on Friday, September 9th. Raymond James Financial Inc. restated a “market perform” rating on shares of Synnex Corp. in a research note on Friday, July 15th. Finally, Brean Capital restated a “buy” rating and issued a $108.00 target price (up previously from $97.00) on shares of Synnex Corp. in a research note on Friday, June 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $104.43.
Synnex Corp. (NYSE:SNX) traded up 8.77% during trading on Tuesday, reaching $115.49. The company had a trading volume of 565,040 shares. The stock has a 50 day moving average of $104.80 and a 200-day moving average of $94.95. The stock has a market capitalization of $4.59 billion, a P/E ratio of 22.87 and a beta of 1.04. Synnex Corp. has a 12-month low of $75.87 and a 12-month high of $117.98.
Synnex Corp. (NYSE:SNX) last released its earnings results on Monday, September 26th. The company reported $1.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.56 by $0.17. Synnex Corp. had a net margin of 1.50% and a return on equity of 13.22%. The company earned $3.67 billion during the quarter. During the same quarter last year, the business posted $1.47 EPS. The firm’s revenue was up 10.1% on a year-over-year basis. On average, analysts forecast that Synnex Corp. will post $6.23 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be paid a $0.25 dividend. This is a boost from Synnex Corp.’s previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, October 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.94%. Synnex Corp.’s dividend payout ratio (DPR) is 15.81%.
In related news, Director Duane E. Zitzner sold 950 shares of the firm’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $105.00, for a total value of $99,750.00. Following the completion of the sale, the director now owns 14,400 shares in the company, valued at $1,512,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Simon Leung sold 1,000 shares of the firm’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $93.71, for a total transaction of $93,710.00. Following the completion of the sale, the senior vice president now owns 25,786 shares of the company’s stock, valued at approximately $2,416,406.06. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of SNX. JPMorgan Chase & Co. increased its position in Synnex Corp. by 834.4% in the first quarter. JPMorgan Chase & Co. now owns 517,500 shares of the company’s stock valued at $47,915,000 after buying an additional 462,117 shares during the period. Vanguard Group Inc. increased its position in Synnex Corp. by 12.2% in the second quarter. Vanguard Group Inc. now owns 2,935,569 shares of the company’s stock valued at $278,350,000 after buying an additional 319,670 shares during the period. Goldman Sachs Group Inc. increased its position in Synnex Corp. by 168.8% in the first quarter. Goldman Sachs Group Inc. now owns 475,837 shares of the company’s stock valued at $44,058,000 after buying an additional 298,824 shares during the period. AQR Capital Management LLC increased its position in Synnex Corp. by 101.4% in the second quarter. AQR Capital Management LLC now owns 589,587 shares of the company’s stock valued at $55,905,000 after buying an additional 296,882 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new position in Synnex Corp. during the second quarter valued at $22,606,000. Hedge funds and other institutional investors own 75.41% of the company’s stock.
About Synnex Corp.
SYNNEX Corporation is a process services company. The Company offers a range of services to resellers, retailers, original equipment manufacturers (OEMs), financial and insurance institutions, and other industry verticals across the world. The Company operates in two segments: Technology Solutions and Concentrix.
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