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.
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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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