SYNNEX Co. (NYSE:SNX) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of SYNNEX Co. (NYSE:SNX) have received a consensus recommendation of “Buy” from the eleven brokerages that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $124.13.

A number of research analysts have recently commented on the stock. TheStreet raised shares of SYNNEX from a “c+” rating to a “b-” rating in a research report on Friday. Bank of America assumed coverage on shares of SYNNEX in a research report on Friday, September 6th. They set a “buy” rating and a $120.00 price objective for the company. ValuEngine raised shares of SYNNEX from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 25th. Zacks Investment Research raised shares of SYNNEX from a “hold” rating to a “buy” rating and set a $126.00 price objective for the company in a research report on Tuesday. Finally, Barrington Research reaffirmed a “buy” rating and set a $118.00 price objective on shares of SYNNEX in a research report on Friday, September 20th.

In related news, Director Dwight Steffensen sold 366 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $101.24, for a total value of $37,053.84. Following the completion of the transaction, the director now owns 1,098 shares of the company’s stock, valued at $111,161.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Larocque sold 10,163 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $112.74, for a total transaction of $1,145,776.62. Following the completion of the transaction, the insider now directly owns 25,003 shares of the company’s stock, valued at approximately $2,818,838.22. The disclosure for this sale can be found here. Insiders sold 14,599 shares of company stock valued at $1,607,707 in the last three months. Company insiders own 3.20% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Municipal Employees Retirement System of Michigan grew its stake in shares of SYNNEX by 1.5% during the second quarter. Municipal Employees Retirement System of Michigan now owns 7,667 shares of the business services provider’s stock valued at $754,000 after purchasing an additional 110 shares during the last quarter. Investors Research Corp grew its stake in shares of SYNNEX by 17.6% during the second quarter. Investors Research Corp now owns 843 shares of the business services provider’s stock valued at $83,000 after purchasing an additional 126 shares during the last quarter. Private Trust Co. NA grew its stake in shares of SYNNEX by 2.8% during the second quarter. Private Trust Co. NA now owns 5,531 shares of the business services provider’s stock valued at $544,000 after purchasing an additional 151 shares during the last quarter. Bank of Montreal Can grew its stake in shares of SYNNEX by 16.0% during the second quarter. Bank of Montreal Can now owns 1,327 shares of the business services provider’s stock valued at $131,000 after purchasing an additional 183 shares during the last quarter. Finally, Huntington National Bank grew its stake in shares of SYNNEX by 21.6% during the second quarter. Huntington National Bank now owns 1,111 shares of the business services provider’s stock valued at $109,000 after purchasing an additional 197 shares during the last quarter. 76.70% of the stock is owned by hedge funds and other institutional investors.

Shares of SNX traded down $2.55 during trading hours on Thursday, reaching $110.35. 350,966 shares of the company traded hands, compared to its average volume of 389,258. The stock’s fifty day moving average is $91.35 and its 200 day moving average is $96.09. The stock has a market cap of $5.76 billion, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 0.86 and a beta of 0.99. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.96 and a current ratio of 1.57. SYNNEX has a 1-year low of $71.82 and a 1-year high of $115.56.

SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Tuesday, September 24th. The business services provider reported $3.30 EPS for the quarter, beating the Zacks’ consensus estimate of $2.86 by $0.44. The business had revenue of $6.20 billion during the quarter, compared to analyst estimates of $5.69 billion. SYNNEX had a net margin of 1.92% and a return on equity of 17.96%. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.57 earnings per share. On average, equities research analysts predict that SYNNEX will post 12.61 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be given a $0.375 dividend. This represents a $1.50 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Thursday, October 10th. SYNNEX’s dividend payout ratio (DPR) is presently 13.77%.

About SYNNEX

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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Analyst Recommendations for SYNNEX (NYSE:SNX)

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