Analysts at Pivotal Research initiated coverage on shares of Synnex Corporation (NYSE:SNX) in a report issued on Friday, October 6th, Marketbeat reports. The firm set a “hold” rating and a $137.00 price target on the business services provider’s stock. Pivotal Research’s price target suggests a potential upside of 3.47% from the stock’s current price.
Several other equities research analysts have also commented on the stock. ValuEngine raised shares of Synnex Corporation from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Loop Capital upped their price target on shares of Synnex Corporation from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, September 26th. Citigroup Inc. increased their target price on shares of Synnex Corporation from $122.00 to $130.00 and gave the stock a “neutral” rating in a report on Tuesday, September 26th. Needham & Company LLC increased their target price on shares of Synnex Corporation from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, September 26th. Finally, Zacks Investment Research raised shares of Synnex Corporation from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a report on Thursday, September 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $135.13.
Synnex Corporation (NYSE:SNX) opened at 132.41 on Friday. The stock’s 50 day moving average is $121.03 and its 200-day moving average is $116.04. The company has a market capitalization of $5.29 billion, a PE ratio of 17.97 and a beta of 1.08. Synnex Corporation has a 12 month low of $100.06 and a 12 month high of $134.51.
Synnex Corporation (NYSE:SNX) last issued its earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.97 by $0.19. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4 billion. During the same quarter in the previous year, the firm earned $1.73 EPS. Synnex Corporation’s revenue was up 16.5% on a year-over-year basis. On average, analysts expect that Synnex Corporation will post $8.76 EPS for the current year.
Synnex Corporation announced that its board has authorized a share repurchase 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 buy up to 6.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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In related news, CEO Kevin M. Murai sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $130.37, for a total transaction of $260,740.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Simon Leung sold 759 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $119.77, for a total value of $90,905.43. Following the sale, the senior vice president now directly owns 25,053 shares in the company, valued at approximately $3,000,597.81. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,796 shares of company stock worth $2,036,979. Insiders own 3.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of SNX. FMR LLC lifted its holdings in shares of Synnex Corporation by 5.7% during the second quarter. FMR LLC now owns 5,587,157 shares of the business services provider’s stock worth $670,236,000 after purchasing an additional 302,301 shares during the period. BlackRock Inc. lifted its holdings in shares of Synnex Corporation by 9,152.6% during the first quarter. BlackRock Inc. now owns 3,655,501 shares of the business services provider’s stock worth $409,198,000 after purchasing an additional 3,615,993 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Synnex Corporation by 2.3% during the second quarter. Vanguard Group Inc. now owns 3,221,813 shares of the business services provider’s stock worth $386,489,000 after purchasing an additional 71,317 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Synnex Corporation by 13.3% during the second quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the business services provider’s stock worth $157,810,000 after purchasing an additional 154,174 shares during the period. Finally, State Street Corp lifted its holdings in shares of Synnex Corporation by 3.8% during the second quarter. State Street Corp now owns 993,336 shares of the business services provider’s stock worth $119,164,000 after purchasing an additional 36,210 shares during the period. 71.23% of the stock is owned by institutional investors and hedge funds.
Synnex Corporation 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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