Marshall Witt Sells 600 Shares of SYNNEX Co. (SNX) Stock

SYNNEX Co. (NYSE:SNX) CFO Marshall Witt sold 600 shares of the company’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $82.13, for a total value of $49,278.00. Following the completion of the transaction, the chief financial officer now owns 18,274 shares in the company, valued at approximately $1,500,843.62. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Marshall Witt also recently made the following trade(s):

  • On Thursday, November 1st, Marshall Witt sold 600 shares of SYNNEX stock. The shares were sold at an average price of $78.22, for a total value of $46,932.00.
  • On Monday, October 1st, Marshall Witt sold 600 shares of SYNNEX stock. The shares were sold at an average price of $85.10, for a total value of $51,060.00.

NYSE:SNX traded up $0.50 during mid-day trading on Thursday, reaching $77.25. The stock had a trading volume of 2,826 shares, compared to its average volume of 348,482. SYNNEX Co. has a fifty-two week low of $71.82 and a fifty-two week high of $141.94. The company has a market capitalization of $3.93 billion, a P/E ratio of 8.66 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.94 and a current ratio of 1.51.

SYNNEX (NYSE:SNX) last released its quarterly earnings data on Wednesday, October 3rd. The business services provider reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.11. SYNNEX had a return on equity of 17.16% and a net margin of 1.41%. The firm had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.88 billion. During the same quarter in the prior year, the company posted $2.16 earnings per share. The firm’s revenue was up 14.8% on a year-over-year basis. As a group, sell-side analysts forecast that SYNNEX Co. will post 10.12 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. increased its holdings in SYNNEX by 199.0% in the third quarter. Meeder Asset Management Inc. now owns 1,223 shares of the business services provider’s stock worth $104,000 after buying an additional 814 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in SYNNEX in the second quarter worth approximately $131,000. Point72 Hong Kong Ltd acquired a new position in SYNNEX in the second quarter worth approximately $136,000. US Bancorp DE increased its holdings in SYNNEX by 66.6% in the third quarter. US Bancorp DE now owns 2,456 shares of the business services provider’s stock worth $208,000 after buying an additional 982 shares during the last quarter. Finally, Nomura Holdings Inc. acquired a new position in SYNNEX in the second quarter worth approximately $210,000. Hedge funds and other institutional investors own 57.76% of the company’s stock.

SNX has been the topic of a number of research reports. Zacks Investment Research upgraded SYNNEX from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Stifel Nicolaus dropped their target price on SYNNEX from $130.00 to $114.00 and set a “buy” rating on the stock in a report on Thursday, October 4th. Needham & Company LLC upgraded SYNNEX from a “buy” rating to a “strong-buy” rating and set a $135.00 target price on the stock in a report on Thursday, October 4th. SunTrust Banks dropped their target price on SYNNEX to $100.00 and set a “buy” rating on the stock in a report on Thursday, October 4th. Finally, TheStreet downgraded SYNNEX from a “b-” rating to a “c+” rating in a report on Friday, October 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. SYNNEX presently has an average rating of “Buy” and a consensus price target of $127.00.

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About SYNNEX

SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.

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