SYNNEX (NYSE:SNX) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of SYNNEX (NYSE:SNX) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “SYNNEX Corporation, a business process services company, provides business-to-business services that help their customers and business partners grow and enhance their customer-engagement strategies. Headquartered in Fremont, CA, and with operations in more than 30 countries, SYNNEX is an industry leader in IT distribution and customer care outsourced services, operating in two business segments: Technology Solutions and Concentrix. SYNNEX brings the most relevant technology solutions to the IT and consumer electronics markets to help their partners sustainably grow their business. With more than 100,000 associates operating in 25 countries and with fluency in over 40 languages, their Concentrix division delivers high-value business services and solutions for the customer-relationship lifecycle to more than 450 clients. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and was ranked 198 on the 2017 Fortune 500. “

Other research analysts have also recently issued reports about the stock. Barrington Research set a $118.00 target price on shares of SYNNEX and gave the stock a buy rating in a report on Friday, July 12th. ValuEngine cut shares of SYNNEX from a sell rating to a strong sell rating in a report on Thursday, August 1st. Finally, Bank of America started coverage on shares of SYNNEX in a report on Friday, September 6th. They set a buy rating and a $120.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $122.25.



Shares of SNX opened at $97.49 on Tuesday. SYNNEX has a 12 month low of $71.82 and a 12 month high of $109.62. The firm’s 50 day moving average is $87.74 and its 200-day moving average is $95.49. The stock has a market capitalization of $4.91 billion, a PE ratio of 8.05, a P/E/G ratio of 0.77 and a beta of 0.99. The company has a current ratio of 1.57, a quick ratio of 0.99 and a debt-to-equity ratio of 0.79.

SYNNEX (NYSE:SNX) last announced its earnings results on Tuesday, June 25th. The business services provider reported $2.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.71 by $0.15. SYNNEX had a net margin of 1.79% and a return on equity of 17.65%. The company had revenue of $5.72 billion for the quarter, compared to analysts’ expectations of $5.53 billion. Equities research analysts predict that SYNNEX will post 12.07 earnings per share for the current fiscal year.

In related news, CFO Marshall Witt sold 600 shares of SYNNEX stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $101.16, for a total value of $60,696.00. Following the transaction, the chief financial officer now directly owns 15,293 shares of the company’s stock, valued at $1,547,039.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Simon Leung sold 1,000 shares of SYNNEX stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $100.64, for a total transaction of $100,640.00. Following the completion of the transaction, the senior vice president now directly owns 19,307 shares in the company, valued at $1,943,056.48. The disclosure for this sale can be found here. Insiders sold 4,536 shares of company stock worth $451,212 over the last three months. 3.20% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the stock. Copeland Capital Management LLC increased its stake in SYNNEX by 21.0% in the second quarter. Copeland Capital Management LLC now owns 332,943 shares of the business services provider’s stock valued at $32,761,000 after acquiring an additional 57,873 shares during the last quarter. Paradigm Capital Management Inc. NY grew its stake in shares of SYNNEX by 2.1% during the second quarter. Paradigm Capital Management Inc. NY now owns 109,703 shares of the business services provider’s stock worth $10,795,000 after buying an additional 2,230 shares during the last quarter. Swiss National Bank grew its stake in shares of SYNNEX by 3.1% during the first quarter. Swiss National Bank now owns 79,285 shares of the business services provider’s stock worth $7,563,000 after buying an additional 2,400 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of SYNNEX by 55.4% during the fourth quarter. Geode Capital Management LLC now owns 548,035 shares of the business services provider’s stock worth $44,302,000 after buying an additional 195,366 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of SYNNEX during the second quarter worth $628,000. 76.70% of the stock is currently owned by institutional investors and hedge funds.

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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