SYNNEX (SNX) Rating Increased to Buy at Cross Research
Cross Research upgraded shares of SYNNEX (NYSE:SNX) from a hold rating to a buy rating in a research report released on Friday, Marketbeat reports.
Several other research analysts have also recently issued reports on the company. Needham & Company LLC upgraded SYNNEX from a buy rating to a strong-buy rating and set a $135.00 price objective for the company in a research note on Thursday, October 4th. TheStreet cut SYNNEX from a b- rating to a c+ rating in a research note on Friday, October 12th. Zacks Investment Research cut SYNNEX from a hold rating to a sell rating in a research note on Thursday, October 4th. Stifel Nicolaus reduced their price objective on SYNNEX from $130.00 to $114.00 and set a buy rating for the company in a research note on Thursday, October 4th. Finally, SunTrust Banks reduced their price objective on SYNNEX to $100.00 and set a buy rating for the company in a research note on Thursday, October 4th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $113.80.
SYNNEX stock opened at $97.48 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.51 and a quick ratio of 0.94. SYNNEX has a one year low of $71.82 and a one year high of $139.44. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 11.00 and a beta of 0.69.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Stockholders of record on Tuesday, January 22nd will be paid a $0.375 dividend. The ex-dividend date of this dividend is Friday, January 18th. This is a boost from SYNNEX’s previous quarterly dividend of $0.35. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.54%. SYNNEX’s payout ratio is presently 15.80%.
In other news, CFO Marshall Witt sold 600 shares of the company’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $78.22, for a total transaction of $46,932.00. Following the completion of the transaction, the chief financial officer now directly owns 18,874 shares of the company’s stock, valued at approximately $1,476,324.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew Miau acquired 122,202 shares of the stock in a transaction dated Friday, October 19th. The shares were acquired at an average cost of $78.27 per share, with a total value of $9,564,750.54. Following the completion of the transaction, the director now owns 364,352 shares in the company, valued at approximately $28,517,831.04. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 370,331 shares of company stock valued at $29,495,099 and sold 4,609 shares valued at $361,156. Insiders own 3.20% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Copeland Capital Management LLC purchased a new stake in shares of SYNNEX in the 3rd quarter valued at about $10,563,000. BlackRock Inc. increased its position in SYNNEX by 2.5% during the 3rd quarter. BlackRock Inc. now owns 3,777,636 shares of the business services provider’s stock worth $319,967,000 after purchasing an additional 92,689 shares during the period. FMR LLC increased its position in SYNNEX by 1.5% during the 3rd quarter. FMR LLC now owns 5,944,225 shares of the business services provider’s stock worth $503,475,000 after purchasing an additional 89,828 shares during the period. Marshall Wace LLP acquired a new position in SYNNEX during the 3rd quarter worth approximately $7,186,000. Finally, Russell Investments Group Ltd. increased its position in SYNNEX by 137.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 133,627 shares of the business services provider’s stock worth $11,322,000 after purchasing an additional 77,246 shares during the period. 57.75% of the stock is owned by institutional investors and hedge funds.
SYNNEX Company Profile
SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.
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