SYNNEX (NYSE:SNX) Stock Price Down 8.7% Following Analyst Downgrade

Share on StockTwits

SYNNEX Co. (NYSE:SNX) shares were down 8.7% during trading on Wednesday after Barrington Research lowered their price target on the stock from $150.00 to $96.00. Barrington Research currently has an outperform rating on the stock. SYNNEX traded as low as $70.13 and last traded at $74.00, approximately 1,093,144 shares changed hands during trading. An increase of 151% from the average daily volume of 436,063 shares. The stock had previously closed at $81.06.

Other analysts also recently issued reports about the company. Cross Research downgraded SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research raised SYNNEX from a “hold” rating to a “strong-buy” rating and set a $153.00 target price for the company in a research report on Monday, January 13th. Citigroup raised their target price on SYNNEX from $140.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Stifel Nicolaus raised their target price on SYNNEX from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Finally, Raymond James decreased their target price on SYNNEX from $165.00 to $120.00 and set a “strong-buy” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $132.29.

In other news, Director Kevin M. Murai sold 2,500 shares of SYNNEX stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $105.09, for a total value of $262,725.00. Following the completion of the transaction, the director now directly owns 10,202 shares in the company, valued at $1,072,128.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kevin M. Murai sold 2,408 shares of SYNNEX stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $138.00, for a total value of $332,304.00. Following the completion of the transaction, the director now owns 7,863 shares of the company’s stock, valued at $1,085,094. The disclosure for this sale can be found here. Insiders sold 38,452 shares of company stock valued at $5,549,579 over the last three months. Company insiders own 2.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in SNX. Delta Asset Management LLC TN grew its position in shares of SYNNEX by 562.2% in the fourth quarter. Delta Asset Management LLC TN now owns 245 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 208 shares in the last quarter. Assetmark Inc. purchased a new position in shares of SYNNEX in the fourth quarter valued at $44,000. Fieldpoint Private Securities LLC grew its position in shares of SYNNEX by 52.4% in the fourth quarter. Fieldpoint Private Securities LLC now owns 480 shares of the business services provider’s stock valued at $62,000 after purchasing an additional 165 shares in the last quarter. CENTRAL TRUST Co grew its position in shares of SYNNEX by 854.1% in the fourth quarter. CENTRAL TRUST Co now owns 582 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 521 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in shares of SYNNEX by 151.8% in the fourth quarter. Advisors Asset Management Inc. now owns 627 shares of the business services provider’s stock valued at $80,000 after purchasing an additional 378 shares in the last quarter. Institutional investors own 76.60% of the company’s stock.

The company has a market cap of $3.83 billion, a P/E ratio of 7.61, a price-to-earnings-growth ratio of 0.51 and a beta of 1.05. The company has a 50 day moving average of $119.47 and a 200-day moving average of $121.11. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.62 and a quick ratio of 1.06.

SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, March 24th. The business services provider reported $3.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.08 by $0.18. The company had revenue of $5.26 billion during the quarter, compared to analyst estimates of $5.37 billion. SYNNEX had a return on equity of 18.84% and a net margin of 2.11%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $2.84 earnings per share. Research analysts anticipate that SYNNEX Co. will post 13.97 EPS for the current year.

About SYNNEX (NYSE:SNX)

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.

Read More: Intrinsic Value

Receive News & Ratings for SYNNEX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYNNEX and related companies with MarketBeat.com's FREE daily email newsletter.