Synnex Corp. (NYSE:SNX) had its target price boosted by Credit Agricole SA from $88.00 to $113.00 in a research note issued to investors on Tuesday. Credit Agricole SA currently has an underperform rating on the stock.
SNX has been the topic of several other research reports. Raymond James Financial Inc. downgraded Synnex Corp. from an outperform rating to a market perform rating in a research note on Wednesday, June 8th. Zacks Investment Research upgraded Synnex Corp. from a hold rating to a buy rating and set a $117.00 price target on the stock in a research note on Friday, September 9th. Brean Capital reiterated a buy rating and set a $108.00 price target (up previously from $97.00) on shares of Synnex Corp. in a research note on Friday, June 24th. Finally, Needham & Company LLC reiterated a hold rating on shares of Synnex Corp. in a research note on Tuesday, September 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. Synnex Corp. presently has an average rating of Hold and an average target price of $106.71.
Shares of Synnex Corp. (NYSE:SNX) opened at 114.11 on Tuesday. The stock has a market cap of $4.49 billion, a PE ratio of 21.50 and a beta of 1.10. Synnex Corp. has a 52-week low of $75.87 and a 52-week high of $118.80. The company’s 50 day moving average price is $106.18 and its 200 day moving average price is $95.49.
Synnex Corp. (NYSE:SNX) last announced its earnings results on Monday, September 26th. The company reported $1.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.56 by $0.17. Synnex Corp. had a return on equity of 13.47% and a net margin of 1.54%. The firm had revenue of $3.67 billion for the quarter. During the same quarter last year, the firm earned $1.47 earnings per share. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, analysts anticipate that Synnex Corp. will post $6.57 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Wednesday, October 12th. This is a boost from Synnex Corp.’s previous quarterly dividend of $0.20. Synnex Corp.’s payout ratio is 15.07%.
In other news, COO Dennis Polk sold 2,000 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $101.47, for a total value of $202,940.00. Following the completion of the transaction, the chief operating officer now owns 62,347 shares of the company’s stock, valued at approximately $6,326,350.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrea M. Zulberti sold 2,500 shares of the business’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $99.36, for a total value of $248,400.00. Following the completion of the transaction, the director now directly owns 13,785 shares of the company’s stock, valued at approximately $1,369,677.60. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in shares of 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. boosted its position in shares of 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. boosted its position in shares of 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 boosted its position in shares of 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. bought a new position in shares of Synnex Corp. during the second quarter valued at about $22,606,000. 75.41% of the stock is owned by institutional investors and hedge funds.
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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