Raymond James Raises SYNNEX (NYSE:SNX) Price Target to $170.00

SYNNEX (NYSE:SNX) had its target price hoisted by Raymond James from $150.00 to $170.00 in a report published on Wednesday morning, Analyst Ratings Network reports. The brokerage currently has a strong-buy rating on the business services provider’s stock.

Several other equities research analysts have also commented on SNX. Zacks Investment Research lowered SYNNEX from a buy rating to a hold rating and set a $114.00 price objective for the company. in a research note on Tuesday, November 30th. Northcoast Research began coverage on SYNNEX in a research report on Thursday, December 16th. They issued a buy rating and a $136.00 price target for the company. Barrington Research lowered their price objective on SYNNEX from $140.00 to $128.00 and set an outperform rating on the stock in a research report on Thursday, September 30th. Finally, Loop Capital increased their target price on shares of SYNNEX from $150.00 to $165.00 and gave the stock a buy rating in a report on Tuesday, October 5th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Buy and a consensus price target of $145.88.

SNX stock opened at $106.82 on Wednesday. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 1.04 and a beta of 1.71. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.68 and a current ratio of 1.25. The business’s 50-day moving average is $110.67 and its two-hundred day moving average is $114.20. SYNNEX has a fifty-two week low of $80.36 and a fifty-two week high of $130.93.

SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Tuesday, January 11th. The business services provider reported $2.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.68 by $0.18. The firm had revenue of $15.61 billion for the quarter, compared to analysts’ expectations of $15.52 billion. SYNNEX had a net margin of 1.25% and a return on equity of 15.61%. The business’s quarterly revenue was up 110.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.21 EPS. Equities analysts predict that SYNNEX will post 10.1 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 28th. Shareholders of record on Friday, January 21st will be issued a dividend of $0.30 per share. This is a positive change from SYNNEX’s previous quarterly dividend of $0.20. This represents a $1.20 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Thursday, January 20th. SYNNEX’s dividend payout ratio (DPR) is 12.27%.

In other SYNNEX news, Director Ann F. Vezina sold 1,055 shares of the firm’s stock in a transaction that occurred on Friday, October 29th. The stock was sold at an average price of $104.89, for a total transaction of $110,658.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dennis Polk sold 1,300 shares of the company’s stock in a transaction that occurred on Monday, November 1st. The stock was sold at an average price of $106.82, for a total value of $138,866.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,655 shares of company stock worth $385,089. Company insiders own 3.00% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Apollo Management Holdings L.P. bought a new position in SYNNEX during the third quarter valued at $4,454,798,000. Vanguard Group Inc. raised its position in shares of SYNNEX by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 4,048,911 shares of the business services provider’s stock valued at $492,996,000 after buying an additional 73,762 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of SYNNEX by 9.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,395,114 shares of the business services provider’s stock valued at $413,390,000 after acquiring an additional 293,290 shares during the last quarter. Nordea Investment Management AB grew its position in SYNNEX by 238.1% in the third quarter. Nordea Investment Management AB now owns 1,211,917 shares of the business services provider’s stock worth $131,670,000 after acquiring an additional 853,416 shares in the last quarter. Finally, State Street Corp increased its stake in SYNNEX by 9.1% during the second quarter. State Street Corp now owns 1,080,465 shares of the business services provider’s stock worth $131,557,000 after acquiring an additional 90,264 shares during the last quarter. Institutional investors own 86.13% of the company’s stock.

About SYNNEX

TD SYNNEX Corp. engages in the provision of distribution, logistics and integration services for the technology industry. It operates through the following segments: Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals, IT systems including data center server and storage solutions, system components, software, networking equipment, consumer electronics, and complementary products.

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