Zacks Investment Research Upgrades Synnex (SNX) to Buy

Synnex (NYSE:SNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The brokerage currently has a $153.00 target price on the business services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.89% from the stock’s previous close.

According to Zacks, “SYNNEX Corporation is a global information technology supply chain services company offering a comprehensive range of services to original equipment manufacturers and software publishers, or (OEMs), and reseller customers worldwide. The company offers product distribution, related logistics services and contract assembly. SYNNEX distributes IT systems, peripherals, system components, software and networking equipment for OEM suppliers such as HP, IBM, Intel, Microsoft Corporation and Seagate. “

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC upped their price objective on Synnex from $135.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, September 26th. ValuEngine upgraded Synnex from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Loop Capital upped their price objective on Synnex from $140.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, September 26th. SunTrust Banks started coverage on Synnex in a report on Thursday, December 7th. They issued a “buy” rating and a $145.00 price target for the company. Finally, Stifel Nicolaus restated a “buy” rating and issued a $132.00 price target on shares of Synnex in a report on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $145.38.

Synnex (NYSE:SNX) opened at $137.97 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.80 and a current ratio of 1.42. Synnex has a one year low of $101.48 and a one year high of $141.94. The stock has a market capitalization of $5,469.23, a price-to-earnings ratio of 18.40 and a beta of 1.08.

Synnex (NYSE:SNX) last issued its quarterly earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.10. Synnex had a return on equity of 16.43% and a net margin of 1.77%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the prior year, the firm posted $2.57 earnings per share. The firm’s revenue for the quarter was up 36.7% compared to the same quarter last year. analysts forecast that Synnex will post 10.42 EPS for the current fiscal year.

In related news, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $128.81, for a total transaction of $257,620.00. Following the completion of the transaction, the chief executive officer now directly owns 144,125 shares in the company, valued at $18,564,741.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Dennis Polk sold 1,500 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $134.91, for a total value of $202,365.00. Following the transaction, the chief operating officer now owns 21,874 shares of the company’s stock, valued at $2,951,021.34. The disclosure for this sale can be found here. Insiders sold 7,900 shares of company stock valued at $1,050,392 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Advisor Group Inc. grew its holdings in shares of Synnex by 50.1% during the second quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock worth $112,000 after buying an additional 310 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Synnex by 9.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock worth $135,000 after buying an additional 96 shares in the last quarter. Shelton Capital Management bought a new position in shares of Synnex during the second quarter worth about $246,000. Riverhead Capital Management LLC grew its holdings in shares of Synnex by 74.8% during the second quarter. Riverhead Capital Management LLC now owns 2,098 shares of the business services provider’s stock worth $252,000 after buying an additional 898 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Synnex by 175.0% during the third quarter. Canada Pension Plan Investment Board now owns 2,200 shares of the business services provider’s stock worth $278,000 after buying an additional 1,400 shares in the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

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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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