Insider Selling: Synnex Corporation (SNX) Director Sells 3,000 Shares of Stock

Synnex Corporation (NYSE:SNX) Director Dwight Steffensen sold 3,000 shares of Synnex Corporation stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $119.81, for a total transaction of $359,430.00. Following the transaction, the director now directly owns 10,769 shares of the company’s stock, valued at $1,290,233.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Dwight Steffensen also recently made the following trade(s):

• On Thursday, July 27th, Dwight Steffensen sold 2,000 shares of Synnex Corporation stock. The stock was sold at an average price of $121.09, for a total transaction of $242,180.00.

Synnex Corporation (NYSE SNX) opened at 118.24 on Monday. The stock’s 50 day moving average is $120.39 and its 200 day moving average is $115.66. The firm has a market cap of $4.72 billion, a P/E ratio of 16.97 and a beta of 1.04. Synnex Corporation has a 12-month low of $99.75 and a 12-month high of $131.35.

Synnex Corporation (NYSE:SNX) last announced its quarterly earnings data on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.29. The business had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.79 billion. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.37 EPS. On average, equities research analysts expect that Synnex Corporation will post $8.41 EPS for the current year.

Synnex Corporation announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 22nd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend was Wednesday, July 12th. Synnex Corporation’s payout ratio is presently 14.35%.

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Large investors have recently modified their holdings of the company. Marshall Wace LLP purchased a new position in Synnex Corporation during the second quarter valued at approximately $938,000. Opus Capital Group LLC bought a new position in shares of Synnex Corporation during the second quarter valued at $219,000. BNP Paribas Arbitrage SA increased its stake in Synnex Corporation by 126.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,300 shares of the business services provider’s stock worth $1,835,000 after buying an additional 8,531 shares during the period. Legal & General Group Plc increased its stake in Synnex Corporation by 11.0% in the second quarter. Legal & General Group Plc now owns 39,040 shares of the business services provider’s stock worth $4,685,000 after buying an additional 3,854 shares during the period. Finally, SG Americas Securities LLC increased its stake in Synnex Corporation by 0.4% in the second quarter. SG Americas Securities LLC now owns 20,814 shares of the business services provider’s stock worth $2,497,000 after buying an additional 81 shares during the period. 70.97% of the stock is currently owned by institutional investors and hedge funds.

SNX has been the subject of a number of recent analyst reports. Citigroup Inc. lowered their target price on shares of Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating for the company in a research note on Friday, June 9th. Raymond James Financial, Inc. upgraded Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 price objective for the company in a report on Friday, May 19th. BidaskClub upgraded shares of Synnex Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Stifel Nicolaus upgraded shares of Synnex Corporation from a “hold” rating to a “buy” rating and set a $120.00 target price for the company in a report on Wednesday, April 12th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $126.67.

About Synnex Corporation

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.