SYNNEX (NYSE:SNX) Downgraded by Cross Research

Cross Research downgraded shares of SYNNEX (NYSE:SNX) from a buy rating to a hold rating in a research note published on Wednesday morning, Briefing.com Automated Import reports.

Several other equities analysts also recently commented on the stock. Stifel Nicolaus upped their price target on shares of SYNNEX from $140.00 to $150.00 and gave the company a buy rating in a research note on Friday, January 10th. Citigroup upped their price target on shares of SYNNEX from $140.00 to $175.00 and gave the company a buy rating in a research note on Monday, January 13th. Zacks Investment Research upgraded shares of SYNNEX from a hold rating to a strong-buy rating and set a $153.00 price target on the stock in a research note on Monday, January 13th. Loop Capital reduced their price objective on shares of SYNNEX from $175.00 to $112.00 and set a buy rating on the stock in a research note on Tuesday, March 24th. Finally, ValuEngine downgraded shares of SYNNEX from a sell rating to a strong sell rating in a research note on Friday, March 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $132.29.

Shares of SNX traded down $5.83 during trading hours on Wednesday, hitting $71.84. The company had a trading volume of 780,552 shares, compared to its average volume of 486,011. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 6.91, a PEG ratio of 0.57 and a beta of 1.05. The business has a fifty day moving average of $116.84 and a 200-day moving average of $120.97. SYNNEX has a 12 month low of $52.06 and a 12 month high of $153.07. The company has a quick ratio of 1.06, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

SYNNEX (NYSE:SNX) last released its quarterly earnings results on Tuesday, March 24th. The business services provider reported $3.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.08 by $0.18. SYNNEX had a net margin of 2.26% and a return on equity of 19.04%. The business had revenue of $5.26 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company posted $2.84 earnings per share. SYNNEX’s revenue was up .3% compared to the same quarter last year. On average, equities analysts expect that SYNNEX will post 6.03 EPS for the current fiscal year.

In other news, Director Thomas S. Wurster sold 1,600 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $128.25, for a total value of $205,200.00. Following the sale, the director now directly owns 13,990 shares in the company, valued at approximately $1,794,217.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Peter Larocque sold 17,330 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $150.89, for a total transaction of $2,614,923.70. Following the completion of the sale, the insider now owns 18,363 shares in the company, valued at $2,770,793.07. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,452 shares of company stock worth $5,549,579. 2.80% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BI Asset Management Fondsmaeglerselskab A S bought a new position in SYNNEX in the 4th quarter valued at approximately $4,416,000. Macquarie Group Ltd. raised its holdings in SYNNEX by 18.0% in the 4th quarter. Macquarie Group Ltd. now owns 39,307 shares of the business services provider’s stock valued at $5,063,000 after buying an additional 5,986 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in SYNNEX by 23.3% in the 4th quarter. Nuveen Asset Management LLC now owns 563,435 shares of the business services provider’s stock valued at $72,570,000 after buying an additional 106,478 shares during the last quarter. Running Oak Capital LLC bought a new position in SYNNEX in the 4th quarter valued at approximately $5,655,000. Finally, Norges Bank bought a new position in SYNNEX in the 4th quarter valued at approximately $67,033,000. Institutional investors and hedge funds own 76.60% of the company’s stock.

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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