Citigroup Reiterates Neutral Rating for Synnex (SNX)
Synnex (NYSE:SNX)‘s stock had its “neutral” rating reissued by Citigroup in a research note issued to investors on Wednesday, The Fly reports. They currently have a $150.00 price objective on the business services provider’s stock. Citigroup’s price target would suggest a potential upside of 8.72% from the company’s previous close.
SNX has been the subject of several other research reports. Zacks Investment Research cut Synnex from a “buy” rating to a “hold” rating in a research note on Tuesday, November 28th. Pivotal Research started coverage on Synnex in a research note on Friday, October 6th. They issued a “hold” rating and a $137.00 price objective for the company. SunTrust Banks assumed coverage on Synnex in a research note on Thursday, December 7th. They issued a “buy” rating and a $145.00 price objective for the company. Needham & Company LLC boosted their target price on Synnex from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, September 26th. Finally, ValuEngine upgraded Synnex from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $145.38.
Shares of Synnex (NYSE:SNX) traded up $1.12 on Wednesday, hitting $137.97. The stock had a trading volume of 255,284 shares, compared to its average volume of 180,888. The company has a quick ratio of 0.80, a current ratio of 1.42 and a debt-to-equity ratio of 0.50. The stock has a market cap of $5,513.97, a PE ratio of 18.40 and a beta of 1.08. Synnex has a fifty-two week low of $101.48 and a fifty-two week high of $141.94.
In related news, CEO Kevin M. Murai sold 2,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 144,125 shares in the company, valued at $18,564,741.25. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Thomas S. Wurster sold 300 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $136.57, for a total value of $40,971.00. Following the completion of the sale, the director now owns 10,531 shares of the company’s stock, valued at approximately $1,438,218.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,900 shares of company stock valued at $1,050,392. 3.20% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Advisor Group Inc. lifted its stake in Synnex by 50.1% in the second quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock valued at $112,000 after buying an additional 310 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Synnex by 9.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock valued at $135,000 after buying an additional 96 shares during the last quarter. Affinity Wealth Management lifted its stake in Synnex by 1.9% in the second quarter. Affinity Wealth Management now owns 1,869 shares of the business services provider’s stock valued at $224,000 after buying an additional 34 shares during the last quarter. Shelton Capital Management purchased a new stake in Synnex in the second quarter valued at approximately $246,000. Finally, Riverhead Capital Management LLC lifted its stake in Synnex by 74.8% in the second quarter. Riverhead Capital Management LLC now owns 2,098 shares of the business services provider’s stock valued at $252,000 after buying an additional 898 shares during the last quarter. Institutional investors 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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