SYNNEX (NYSE:SNX) Upgraded to “Buy” by Cross Research

Cross Research upgraded shares of SYNNEX (NYSE:SNX) from a hold rating to a buy rating in a research report report published on Wednesday, Price Targets.com reports. They currently have $124.00 price objective on the business services provider’s stock.

Other equities analysts also recently issued reports about the stock. Raymond James lifted their price target on shares of SYNNEX from $150.00 to $170.00 and gave the company a strong-buy rating in a report on Wednesday. Northcoast Research began coverage on SYNNEX in a report on Thursday, December 16th. They issued a buy rating and a $136.00 target price on the stock. Loop Capital increased their price target on SYNNEX from $150.00 to $165.00 and gave the stock a buy rating in a research report on Tuesday, October 5th. Barrington Research cut their price objective on SYNNEX from $140.00 to $128.00 and set an outperform rating for the company in a research report on Thursday, September 30th. Finally, Zacks Investment Research cut SYNNEX from a buy rating to a hold rating and set a $114.00 target price on the stock. in a report on Tuesday, November 30th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Buy and a consensus price target of $145.88.

NYSE SNX opened at $106.82 on Wednesday. SYNNEX has a 1-year low of $80.36 and a 1-year high of $130.93. The company has a market capitalization of $10.26 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 1.04 and a beta of 1.71. The stock’s 50 day moving average is $110.67 and its two-hundred day moving average is $114.20. The company has a current ratio of 1.25, a quick ratio of 1.68 and a debt-to-equity ratio of 0.50.

SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, January 11th. The business services provider reported $2.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.68 by $0.18. SYNNEX had a return on equity of 15.61% and a net margin of 1.25%. The business had revenue of $15.61 billion for the quarter, compared to analyst estimates of $15.52 billion. During the same quarter in the previous year, the firm earned $5.21 EPS. SYNNEX’s quarterly revenue was up 110.6% on a year-over-year basis. On average, analysts predict that SYNNEX will post 10.1 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 28th. Shareholders of record on Friday, January 21st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Thursday, January 20th. This is a positive change from SYNNEX’s previous quarterly dividend of $0.20. SYNNEX’s payout ratio is currently 12.27%.

In other SYNNEX news, insider Dennis Polk sold 1,300 shares of the firm’s stock in a transaction that occurred on Monday, November 1st. The shares were sold at an average price of $106.82, for a total transaction of $138,866.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ann F. Vezina sold 1,055 shares of the company’s stock in a transaction on Friday, October 29th. The stock was sold at an average price of $104.89, for a total transaction of $110,658.95. The disclosure for this sale can be found here. Insiders sold 3,655 shares of company stock valued at $385,089 in the last quarter. 3.00% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd bought a new position in SYNNEX in the third quarter valued at approximately $33,000. FourThought Financial LLC grew its stake in shares of SYNNEX by 41.6% in the third quarter. FourThought Financial LLC now owns 320 shares of the business services provider’s stock valued at $33,000 after buying an additional 94 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in SYNNEX by 89.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 457 shares of the business services provider’s stock worth $52,000 after buying an additional 216 shares during the last quarter. Spire Wealth Management raised its position in SYNNEX by 4,000.0% during the third quarter. Spire Wealth Management now owns 615 shares of the business services provider’s stock worth $64,000 after acquiring an additional 600 shares in the last quarter. Finally, Islay Capital Management LLC raised its position in SYNNEX by 13.5% during the third quarter. Islay Capital Management LLC now owns 924 shares of the business services provider’s stock worth $96,000 after acquiring an additional 110 shares in the last quarter. 86.13% of the stock is owned by institutional investors and hedge funds.

About SYNNEX

TD SYNNEX Corp. engages in the provision of distribution, logistics and integration services for the technology industry. It operates through the following segments: Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals, IT systems including data center server and storage solutions, system components, software, networking equipment, consumer electronics, and complementary products.

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Analyst Recommendations for SYNNEX (NYSE:SNX)

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