Synnex (SNX) Stock Rating Reaffirmed by Citigroup

Synnex (NYSE:SNX)‘s stock had its “neutral” rating reiterated by investment analysts at Citigroup in a report released on Wednesday, The Fly reports. They presently have a $150.00 price objective on the business services provider’s stock. Citigroup’s price target indicates a potential upside of 6.61% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Pivotal Research lifted their price objective on shares of Synnex from $138.00 to $150.00 and gave the company a “hold” rating in a research note on Wednesday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $132.00 price objective on shares of Synnex in a research note on Tuesday, October 17th. Zacks Investment Research lowered shares of Synnex from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. SunTrust Banks began coverage on shares of Synnex in a research note on Thursday, December 7th. They issued a “buy” rating and a $145.00 price objective for the company. Finally, ValuEngine raised shares of Synnex from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $139.89.

Synnex (NYSE SNX) opened at $140.70 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.80 and a current ratio of 1.61. Synnex has a fifty-two week low of $101.48 and a fifty-two week high of $141.94. The company has a market cap of $5,620.00, a price-to-earnings ratio of 18.99 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 EPS for the quarter, beating the consensus estimate of $2.68 by $0.11. Synnex had a net margin of 1.89% and a return on equity of 16.58%. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the company posted $2.57 EPS. Synnex’s revenue was up 36.7% on a year-over-year basis. sell-side analysts predict that Synnex will post 8.78 earnings per share for the current year.

In other Synnex news, COO Dennis Polk sold 1,500 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $134.91, for a total transaction of $202,365.00. Following the completion of the transaction, the chief operating officer now owns 21,874 shares of the company’s stock, valued at approximately $2,951,021.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin M. Murai sold 2,000 shares of the business’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $128.81, for a total transaction of $257,620.00. Following the transaction, the chief executive officer now directly owns 144,125 shares of the company’s stock, valued at approximately $18,564,741.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,900 shares of company stock valued at $1,050,392. 3.20% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio acquired a new position in Synnex during the 3rd quarter worth $889,000. California Public Employees Retirement System lifted its position in Synnex by 5.7% during the 3rd quarter. California Public Employees Retirement System now owns 58,110 shares of the business services provider’s stock worth $7,351,000 after acquiring an additional 3,110 shares during the last quarter. Affinity Wealth Management lifted its position in Synnex by 72.4% during the 3rd quarter. Affinity Wealth Management now owns 3,222 shares of the business services provider’s stock worth $408,000 after acquiring an additional 1,353 shares during the last quarter. Jane Street Group LLC acquired a new position in Synnex during the 3rd quarter worth $484,000. Finally, Invictus RG lifted its position in Synnex by 30.6% during the 3rd quarter. Invictus RG now owns 2,994 shares of the business services provider’s stock worth $379,000 after acquiring an additional 701 shares during the last quarter. 71.68% of the stock is owned by hedge funds and other institutional investors.

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Synnex Company Profile

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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