SYNNEX (NYSE:SNX) had its price target hoisted by Raymond James from $120.00 to $140.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a strong-buy rating on the business services provider’s stock.

Several other analysts also recently commented on SNX. TheStreet downgraded shares of SYNNEX from a b- rating to a c rating in a report on Monday, March 30th. Cross Research cut shares of SYNNEX from a buy rating to a hold rating in a research report on Wednesday, March 25th. Loop Capital reduced their target price on SYNNEX from $175.00 to $112.00 and set a buy rating for the company in a report on Tuesday, March 24th. Barrington Research increased their price target on SYNNEX from $96.00 to $115.00 and gave the company an outperform rating in a research report on Tuesday, May 26th. Finally, Stifel Nicolaus boosted their price objective on SYNNEX from $120.00 to $130.00 and gave the stock a buy rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $130.86.

Shares of SNX opened at $117.87 on Friday. The firm has a market capitalization of $6.00 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.41 and a beta of 1.53. SYNNEX has a 52 week low of $52.06 and a 52 week high of $153.07. The stock has a 50 day moving average price of $103.27 and a two-hundred day moving average price of $110.95. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.00 and a current ratio of 1.64.

SYNNEX (NYSE:SNX) last announced its earnings results on Thursday, June 25th. The business services provider reported $1.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.77) by $2.60. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.17 billion. SYNNEX had a return on equity of 17.39% and a net margin of 2.03%. SYNNEX’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.86 earnings per share. On average, equities analysts forecast that SYNNEX will post 8.8 earnings per share for the current year.

In other SYNNEX news, major shareholder Star Developments Ltd Silver purchased 10,000 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were bought at an average price of $71.47 per share, with a total value of $714,700.00. Following the completion of the transaction, the insider now directly owns 5,299,980 shares in the company, valued at approximately $378,789,570.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Simon Leung sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $100.21, for a total transaction of $200,420.00. Following the completion of the sale, the senior vice president now directly owns 16,381 shares in the company, valued at approximately $1,641,540.01. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,570 shares of company stock worth $772,097. 2.80% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. lifted its holdings in SYNNEX by 6.2% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 48,980 shares of the business services provider’s stock worth $4,672,000 after purchasing an additional 2,881 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of SYNNEX by 40.5% during the fourth quarter. Victory Capital Management Inc. now owns 218,908 shares of the business services provider’s stock valued at $28,195,000 after buying an additional 63,089 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of SYNNEX by 2.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,585 shares of the business services provider’s stock worth $461,000 after buying an additional 84 shares in the last quarter. M&T Bank Corp bought a new position in shares of SYNNEX in the fourth quarter valued at approximately $451,000. Finally, Cetera Advisor Networks LLC purchased a new position in SYNNEX during the fourth quarter valued at approximately $448,000. Institutional investors and hedge funds own 74.98% of the company’s stock.

SYNNEX Company Profile

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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