SYNNEX (NYSE:SNX) Lifted to “Buy” at Cross Research

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

SNX has been the subject of a number of other research reports. Zacks Investment Research lowered shares of SYNNEX from a buy rating to a hold rating and set a $114.00 price target for the company. in a research note on Tuesday, November 30th. Loop Capital boosted their target price on shares of SYNNEX from $150.00 to $165.00 and gave the company a buy rating in a research note on Tuesday, October 5th. Barrington Research lowered their target price on shares of SYNNEX from $140.00 to $128.00 and set an outperform rating for the company in a research note on Thursday, September 30th. Northcoast Research assumed coverage on shares of SYNNEX in a research note on Thursday, December 16th. They set a buy rating and a $136.00 target price for the company. Finally, Raymond James boosted their target price on shares of SYNNEX from $150.00 to $170.00 and gave the company a strong-buy rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, SYNNEX presently has a consensus rating of Buy and an average target price of $145.88.

Shares of NYSE:SNX opened at $106.82 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 1.68 and a debt-to-equity ratio of 0.50. The company has a fifty day simple moving average of $110.67 and a 200 day simple moving average of $114.20. The firm has a market cap of $10.26 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 1.04 and a beta of 1.71. SYNNEX has a 12-month low of $80.36 and a 12-month high of $130.93.

SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Tuesday, January 11th. The business services provider reported $2.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.68 by $0.18. The business had revenue of $15.61 billion during the quarter, compared to analyst estimates of $15.52 billion. SYNNEX had a net margin of 1.25% and a return on equity of 15.61%. The business’s revenue was up 110.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.21 earnings per share. As a group, equities research analysts forecast that SYNNEX will post 10.1 EPS for the current fiscal year.

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

In related news, insider Dennis Polk sold 1,300 shares of the company’s stock in a transaction dated Wednesday, December 1st. The shares were sold at an average price of $104.28, for a total value of $135,564.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann F. Vezina sold 1,055 shares of the company’s stock in a transaction dated 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. In the last three months, insiders have sold 3,655 shares of company stock valued at $385,089. Corporate insiders own 3.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of SNX. Eagle Asset Management Inc. lifted its holdings in SYNNEX by 83.6% in the 2nd quarter. Eagle Asset Management Inc. now owns 35,272 shares of the business services provider’s stock valued at $4,294,000 after acquiring an additional 16,059 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in SYNNEX by 10.5% in the 2nd quarter. Mackenzie Financial Corp now owns 109,693 shares of the business services provider’s stock valued at $13,356,000 after acquiring an additional 10,400 shares during the last quarter. Community Capital Management LLC lifted its holdings in SYNNEX by 27.6% in the 3rd quarter. Community Capital Management LLC now owns 9,700 shares of the business services provider’s stock valued at $1,010,000 after acquiring an additional 2,100 shares during the last quarter. Putnam Investments LLC acquired a new stake in SYNNEX in the 2nd quarter valued at about $334,000. Finally, Denali Advisors LLC lifted its holdings in SYNNEX by 875.5% in the 3rd quarter. Denali Advisors LLC now owns 1,951 shares of the business services provider’s stock valued at $203,000 after acquiring an additional 1,751 shares during the last quarter. 86.13% of the stock is owned by institutional investors and hedge funds.

SYNNEX Company Profile

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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