Synnex Corporation (SNX) Upgraded to Buy at ValuEngine
ValuEngine upgraded shares of Synnex Corporation (NYSE:SNX) from a hold rating to a buy rating in a research note released on Monday morning.
Other equities analysts have also recently issued reports about the company. BidaskClub cut Synnex Corporation from a hold rating to a sell rating in a report on Monday, August 14th. Stifel Nicolaus restated a buy rating and set a $132.00 price target on shares of Synnex Corporation in a report on Thursday, August 3rd. Needham & Company LLC restated a buy rating and set a $135.00 price target on shares of Synnex Corporation in a report on Monday, September 18th. Loop Capital began coverage on Synnex Corporation in a report on Thursday, August 24th. They set a buy rating and a $140.00 price target on the stock. Finally, Citigroup Inc. increased their price target on Synnex Corporation from $122.00 to $130.00 and gave the stock a neutral rating in a report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $135.13.
Synnex Corporation (NYSE:SNX) opened at 130.35 on Monday. Synnex Corporation has a 52 week low of $100.06 and a 52 week high of $131.35. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 18.71 and a beta of 1.08. The firm has a 50-day moving average of $117.99 and a 200-day moving average of $115.36.
Synnex Corporation (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, topping analysts’ consensus estimates of $1.97 by $0.19. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4 billion. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.73 EPS. Equities analysts forecast that Synnex Corporation will post $8.76 earnings per share for the current year.
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Synnex Corporation declared that its Board of Directors has initiated a share repurchase program on Thursday, June 22nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the business services provider to purchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.92%. This is a boost from Synnex Corporation’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 12th. Synnex Corporation’s dividend payout ratio is presently 13.57%.
In related news, SVP Simon Leung sold 759 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $119.77, for a total value of $90,905.43. Following the transaction, the senior vice president now directly owns 25,053 shares in the company, valued at approximately $3,000,597.81. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kevin M. Murai sold 2,000 shares of the 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 owns 142,311 shares in the company, valued at $16,175,068.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,796 shares of company stock worth $2,373,169. 3.20% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Curbstone Financial Management Corp lifted its holdings in shares of Synnex Corporation by 94.6% in the 3rd quarter. Curbstone Financial Management Corp now owns 7,150 shares of the business services provider’s stock worth $905,000 after purchasing an additional 3,475 shares in the last quarter. Verition Fund Management LLC lifted its holdings in shares of Synnex Corporation by 457.2% in the 2nd quarter. Verition Fund Management LLC now owns 17,000 shares of the business services provider’s stock worth $2,039,000 after purchasing an additional 13,949 shares in the last quarter. Piedmont Investment Advisors LLC lifted its holdings in shares of Synnex Corporation by 43.4% in the 2nd quarter. Piedmont Investment Advisors LLC now owns 16,584 shares of the business services provider’s stock worth $1,989,000 after purchasing an additional 5,021 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of Synnex Corporation in the 2nd quarter worth $798,000. Finally, ZPR Investment Management lifted its holdings in shares of Synnex Corporation by 15.9% in the 2nd quarter. ZPR Investment Management now owns 26,500 shares of the business services provider’s stock worth $3,179,000 after purchasing an additional 3,630 shares in the last quarter. Institutional investors own 71.26% of the company’s stock.
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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