SYNNEX (SNX) Upgraded to Sell by ValuEngine

SYNNEX (NYSE:SNX) was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued on Monday, April 1st, ValuEngine reports.

Several other analysts have also recently issued reports on the stock. Raymond James set a $140.00 target price on shares of SYNNEX and gave the stock a “buy” rating in a research note on Thursday, March 28th. Zacks Investment Research upgraded shares of SYNNEX from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Tuesday, March 26th. TheStreet upgraded shares of SYNNEX from a “c+” rating to a “b-” rating in a research report on Friday, January 25th. Citigroup upgraded shares of SYNNEX from a “neutral” rating to a “buy” rating and set a $97.02 price objective on the stock in a research report on Monday, January 28th. Finally, Cross Research upgraded shares of SYNNEX from a “hold” rating to a “buy” rating in a research report on Friday, January 11th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $123.00.

SNX traded up $0.07 on Monday, hitting $107.72. The company’s stock had a trading volume of 1,825 shares, compared to its average volume of 389,099. SYNNEX has a 12 month low of $71.82 and a 12 month high of $116.47. The company has a current ratio of 1.66, a quick ratio of 1.03 and a debt-to-equity ratio of 0.81. The company has a market cap of $5.51 billion, a PE ratio of 9.89, a price-to-earnings-growth ratio of 0.75 and a beta of 0.73.

SYNNEX (NYSE:SNX) last posted its earnings results on Wednesday, March 27th. The business services provider reported $2.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.75 by $0.09. SYNNEX had a net margin of 1.75% and a return on equity of 17.78%. The business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the prior year, the company posted $2.14 EPS. The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. Research analysts forecast that SYNNEX will post 11.89 earnings per share for the current fiscal year.

In other news, Director Kevin M. Murai sold 5,000 shares of SYNNEX stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $103.51, for a total transaction of $517,550.00. Following the sale, the director now owns 19,362 shares of the company’s stock, valued at approximately $2,004,160.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Marshall Witt sold 600 shares of SYNNEX stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $96.41, for a total transaction of $57,846.00. Following the sale, the chief financial officer now directly owns 18,293 shares in the company, valued at approximately $1,763,628.13. The disclosure for this sale can be found here. Insiders have sold a total of 18,553 shares of company stock worth $1,939,328 in the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. JOYN Advisors Inc. raised its holdings in SYNNEX by 375.0% in the fourth quarter. JOYN Advisors Inc. now owns 380 shares of the business services provider’s stock worth $31,000 after buying an additional 300 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in SYNNEX by 103.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 498 shares of the business services provider’s stock worth $40,000 after buying an additional 253 shares during the last quarter. Sage Capital Advisors llc purchased a new position in SYNNEX in the fourth quarter worth about $40,000. Investors Research Corp purchased a new position in SYNNEX in the first quarter worth about $68,000. Finally, O Shaughnessy Asset Management LLC purchased a new position in SYNNEX in the fourth quarter worth about $70,000. 77.68% of the stock is currently owned by hedge funds and other institutional investors.

SYNNEX Company Profile

SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for SYNNEX (NYSE:SNX)

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