Zacks Investment Research downgraded shares of SYNNEX Co. (NYSE:SNX) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

According to Zacks, “Synnex Corp is a global IT supply chain services company offering a comprehensive range of services to original equipment manufacturers and software publishers, or (OEMs), and reseller customers worldwide. The company offers product distribution, related logistics services and contract assembly. SYNNEX distributes IT systems, peripherals, system components, software and networking equipment for OEM suppliers such as HP, IBM, Intel, Microsoft Corporation and Seagate. “

Separately, Brean Capital increased their target price on shares of SYNNEX from $124.00 to $134.00 and gave the company a buy rating in a research report on Wednesday, January 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $116.17.

Analyst Recommendations for SYNNEX (NYSE:SNX)

SYNNEX (NYSE:SNX) opened at 119.99 on Wednesday. The stock has a 50 day moving average price of $118.66 and a 200 day moving average price of $114.73. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 20.40 and a beta of 1.18. SYNNEX has a 12 month low of $77.54 and a 12 month high of $129.24.

SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, January 10th. The company reported $2.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.09 by $0.48. SYNNEX had a net margin of 1.67% and a return on equity of 14.80%. The firm earned $3.89 billion during the quarter. During the same period in the prior year, the company earned $1.80 earnings per share. The firm’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts expect that SYNNEX will post $7.65 earnings per share for the current fiscal year.

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In related news, CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $116.53, for a total transaction of $233,060.00. Following the sale, the chief executive officer now directly owns 142,311 shares in the company, valued at approximately $16,583,500.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Dennis Polk sold 1,742 shares of the company’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $121.28, for a total transaction of $211,269.76. Following the sale, the chief operating officer now owns 51,359 shares in the company, valued at $6,228,819.52. The disclosure for this sale can be found here. Insiders have sold a total of 22,759 shares of company stock worth $2,752,179 over the last 90 days. 3.40% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Elkfork Partners LLC acquired a new stake in shares of SYNNEX during the fourth quarter worth approximately $163,000. Fuller & Thaler Asset Management Inc. boosted its stake in shares of SYNNEX by 23.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,600 shares of the company’s stock worth $183,000 after buying an additional 300 shares during the last quarter. MSI Financial Services Inc boosted its stake in shares of SYNNEX by 91,300.0% in the third quarter. MSI Financial Services Inc now owns 1,828 shares of the company’s stock worth $209,000 after buying an additional 1,826 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of SYNNEX by 7.2% in the third quarter. LS Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $212,000 after buying an additional 125 shares during the last quarter. Finally, Breton Hill Capital Ltd. acquired a new stake in shares of SYNNEX during the third quarter worth approximately $228,000. Institutional investors own 73.27% of the company’s stock.

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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