Zacks Investment Research lowered shares of SYNNEX Co. (NYSE:SNX) from a buy rating to a hold rating in a research note released on Wednesday.

According to Zacks, “Synnex Corp is a global IT supply chain services company offering a comprehensive range of services to original equipment manufacturers and software publishers, or (OEMs), and reseller customers worldwide. The company offers product distribution, related logistics services and contract assembly. SYNNEX distributes IT systems, peripherals, system components, software and networking equipment for OEM suppliers such as HP, IBM, Intel, Microsoft Corporation and Seagate. “

Separately, Brean Capital boosted their target price on shares of SYNNEX from $124.00 to $134.00 and gave the stock a buy rating in a research report on Wednesday, January 11th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. SYNNEX currently has a consensus rating of Hold and an average target price of $116.17.

Analyst Recommendations for SYNNEX (NYSE:SNX)

SYNNEX (NYSE:SNX) opened at 118.79 on Wednesday. SYNNEX has a 12-month low of $77.54 and a 12-month high of $129.24. The stock has a market capitalization of $4.74 billion, a PE ratio of 20.19 and a beta of 1.18. The company’s 50-day moving average is $118.66 and its 200 day moving average is $114.73.

SYNNEX (NYSE:SNX) last released its earnings results on Tuesday, January 10th. The company reported $2.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.09 by $0.48. The company earned $3.89 billion during the quarter. SYNNEX had a net margin of 1.67% and a return on equity of 14.80%. SYNNEX’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.80 EPS. On average, analysts predict that SYNNEX will post $7.65 EPS for the current year.

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In other news, Director Fred A. Breidenbach sold 390 shares of SYNNEX stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $120.00, for a total value of $46,800.00. Following the completion of the transaction, the director now directly owns 18,589 shares of the company’s stock, valued at approximately $2,230,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Dennis Polk sold 1,742 shares of SYNNEX stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $121.28, for a total transaction of $211,269.76. Following the completion of the transaction, the chief operating officer now directly owns 51,359 shares of the company’s stock, valued at $6,228,819.52. The disclosure for this sale can be found here. Insiders sold a total of 22,759 shares of company stock valued at $2,752,179 over the last ninety days. Company insiders own 3.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Fund Advisors raised its position in SYNNEX by 8.0% in the third quarter. BlackRock Fund Advisors now owns 1,539,613 shares of the company’s stock valued at $175,685,000 after buying an additional 113,998 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in SYNNEX by 31.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,157,433 shares of the company’s stock valued at $132,075,000 after buying an additional 273,877 shares during the period. Northern Trust Corp raised its position in SYNNEX by 0.6% in the third quarter. Northern Trust Corp now owns 1,049,272 shares of the company’s stock valued at $119,733,000 after buying an additional 6,607 shares during the period. AQR Capital Management LLC raised its position in SYNNEX by 11.2% in the fourth quarter. AQR Capital Management LLC now owns 893,420 shares of the company’s stock valued at $108,122,000 after buying an additional 90,133 shares during the period. Finally, JPMorgan Chase & Co. raised its position in SYNNEX by 7.8% in the third quarter. JPMorgan Chase & Co. now owns 848,441 shares of the company’s stock valued at $96,815,000 after buying an additional 61,577 shares during the period. 73.27% of the stock is owned by institutional investors and hedge funds.

About SYNNEX

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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