Synnex (SNX) Price Target Raised to $160.00

Synnex (NYSE:SNX) had its price target hoisted by analysts at Loop Capital from $1.00 to $160.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm presently has a “buy” rating on the business services provider’s stock. Loop Capital’s price objective would suggest a potential upside of 13.72% from the company’s current price.

A number of other brokerages have also weighed in on SNX. Needham & Company LLC lifted their price objective on Synnex from $145.00 to $151.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup reiterated a “neutral” rating and issued a $150.00 price objective on shares of Synnex in a research report on Wednesday. Pivotal Research lifted their price objective on Synnex from $138.00 to $150.00 and gave the stock a “hold” rating in a research report on Wednesday. Stifel Nicolaus reiterated a “buy” rating and issued a $132.00 price objective on shares of Synnex in a research report on Tuesday, October 17th. Finally, Zacks Investment Research lowered Synnex from a “buy” rating to a “hold” rating in a research report on Tuesday, November 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $141.67.

Synnex (SNX) opened at $140.70 on Wednesday. The company has a current ratio of 1.61, a quick ratio of 0.80 and a debt-to-equity ratio of 0.25. Synnex has a 1 year low of $101.48 and a 1 year high of $141.94. The stock has a market capitalization of $5,620.00, a P/E ratio of 19.09 and a beta of 1.08.

Synnex (NYSE:SNX) last posted its quarterly earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.11. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $4.85 billion. Synnex had a return on equity of 16.58% and a net margin of 1.89%. Synnex’s revenue for the quarter was up 36.7% compared to the same quarter last year. During the same period last year, the company earned $2.57 EPS. analysts predict that Synnex will post 8.78 earnings per share for the current year.

In other news, Director Thomas S. Wurster sold 300 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $136.57, for a total value of $40,971.00. Following the completion of the transaction, the director now owns 10,531 shares in the company, valued at approximately $1,438,218.67. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Kevin M. Murai sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $132.74, for a total value of $265,480.00. Following the completion of the transaction, 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 90 days, insiders sold 7,900 shares of company stock valued at $1,050,392. 3.20% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in SNX. Schwab Charles Investment Management Inc. raised its stake in Synnex by 2.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 190,892 shares of the business services provider’s stock valued at $22,900,000 after buying an additional 3,903 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Synnex by 9.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock valued at $135,000 after buying an additional 96 shares during the last quarter. Swiss National Bank raised its stake in Synnex by 1.6% during the second quarter. Swiss National Bank now owns 49,900 shares of the business services provider’s stock valued at $5,986,000 after buying an additional 800 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in Synnex by 2.2% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 41,043 shares of the business services provider’s stock valued at $4,924,000 after buying an additional 880 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Synnex by 5.5% during the second quarter. Wells Fargo & Company MN now owns 54,109 shares of the business services provider’s stock valued at $6,491,000 after buying an additional 2,828 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

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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.

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