Synnex (SNX) Earns “Neutral” Rating from Citigroup

Citigroup restated their neutral rating on shares of Synnex (NYSE:SNX) in a report released on Wednesday morning, The Fly reports. Citigroup currently has a $150.00 target price on the business services provider’s stock.

SNX has been the subject of a number of other research reports. Pivotal Research assumed coverage on shares of Synnex in a research note on Friday, October 6th. They issued a hold rating and a $137.00 price objective for the company. ValuEngine raised shares of Synnex from a hold rating to a buy rating in a research note on Monday, October 2nd. Zacks Investment Research lowered shares of Synnex from a buy rating to a hold rating in a research note on Tuesday, November 28th. Loop Capital increased their target price on shares of Synnex from $140.00 to $150.00 and gave the stock a buy rating in a research report on Tuesday, September 26th. Finally, Needham & Company LLC increased their target price on shares of Synnex from $135.00 to $145.00 and gave the stock a buy rating in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $145.38.

Synnex (SNX) traded up $1.12 during trading on Wednesday, reaching $137.97. 255,284 shares of the company were exchanged, compared to its average volume of 180,888. Synnex has a 1 year low of $101.48 and a 1 year high of $141.94. The company has a quick ratio of 0.80, a current ratio of 1.42 and a debt-to-equity ratio of 0.50. The firm has a market cap of $5,513.97, a price-to-earnings ratio of 18.40 and a beta of 1.08.

Synnex (NYSE:SNX) last posted its quarterly earnings data on Tuesday, January 9th. The business services provider reported $2.79 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.10. Synnex had a net margin of 1.77% and a return on equity of 16.43%. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same quarter last year, the business posted $2.57 EPS. The company’s revenue was up 36.7% on a year-over-year basis. equities analysts expect that Synnex will post 10.42 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, January 19th will be given a $0.35 dividend. This is an increase from Synnex’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, January 18th. This represents a $1.40 dividend on an annualized basis and a yield of 1.01%. Synnex’s dividend payout ratio is presently 16.00%.

In other Synnex news, Director Thomas S. Wurster sold 300 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $136.57, for a total value of $40,971.00. Following the completion of the sale, the director now owns 10,531 shares in the company, valued at approximately $1,438,218.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $132.74, for a total transaction of $265,480.00. Following the completion of the sale, the chief executive officer now owns 144,125 shares of the company’s stock, valued at approximately $19,131,152.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,900 shares of company stock valued at $1,050,392. Insiders own 3.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in SNX. FMR LLC raised its holdings in shares of Synnex by 5.7% during the 2nd quarter. FMR LLC now owns 5,587,157 shares of the business services provider’s stock valued at $670,236,000 after purchasing an additional 302,301 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Synnex by 189.1% during the 3rd quarter. Victory Capital Management Inc. now owns 439,603 shares of the business services provider’s stock valued at $55,614,000 after purchasing an additional 287,522 shares in the last quarter. Teachers Advisors LLC raised its holdings in shares of Synnex by 190.5% during the 2nd quarter. Teachers Advisors LLC now owns 251,605 shares of the business services provider’s stock valued at $30,183,000 after purchasing an additional 165,008 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Synnex by 13.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the business services provider’s stock valued at $157,810,000 after purchasing an additional 154,174 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of Synnex by 972.2% during the 2nd quarter. Voya Investment Management LLC now owns 122,360 shares of the business services provider’s stock valued at $14,678,000 after purchasing an additional 110,948 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

WARNING: This piece was originally reported by Transcript Daily and is owned by of Transcript Daily. If you are reading this piece on another domain, it was illegally copied and reposted in violation of U.S. and international copyright & trademark law. The correct version of this piece can be viewed at https://transcriptdaily.com/2018/01/15/synnex-snx-earns-neutral-rating-from-citigroup.html.

About Synnex

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.

The Fly

Analyst Recommendations for Synnex (NYSE:SNX)

Receive News & Ratings for Synnex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synnex and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply