Synnex Corporation (NYSE:SNX) has been the object of insider selling activity recently. Chief Operating Officer Dennis Polk disclosed the sale of 1,500 shares. The shares were purchased at an average price of $115.17. Polk now owns $2,875,565 of the stock according to the SEC filing. Dennis Polk, Chief Operating Officer disclosed the sale of 1,500 shares of (SNX). The shares were sold on October 2nd for an average price of $126.84. The Chief Operating Officer now owns $2,723,001 of the stock per the Form 4 SEC filing.
Kevin M. Murai, CEO disclosed the sale of 2,000 shares of SNX stock. The shares were sold on October 10th for an average price of $130.37. Murai now owns $18,528,836 of the stock according to the SEC filing.
Synnex Corporation, launched on September 4, 2003, 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. The Business’s Technology Solutions segment distributes peripherals, information technology (IT) systems, including data center server and storage solutions, system components, software, networking/communications/security equipment, and consumer electronics (CE) and complementary products. Within its Technology Solutions segment, the Company also provides systems design and integration solutions. The Business’s Concentrix segment offers a portfolio of solutions and end-to-end business services focused on customer engagement strategy, process optimization, technology innovation, front and back-office automation and business transformation..
The following firms have recently changed their position in SNX. Trexquant Investment Lp added to its stake by buying 6,075 shares an increase of 195.9% as of 06/30/2017. Trexquant Investment Lp now holds 9,176 shares with a value of $1,101,000. The value of the position overall is up by 217.3%. Vident Investment Advisory, LLC expanded its ownership by buying 246 shares an increase of 1.2% in the quarter. Vident Investment Advisory, LLC controls 20,492 shares valued at $2,458,000. The total value of its holdings increased 8.5%.
Cantab Capital Partners Llp bolstered its position by buying 506 shares an increase of 3.5% from 03/31/2017 to 06/30/2017. Cantab Capital Partners Llp currently owns 14,773 shares worth $1,772,000,000. The total value of its holdings increased 110,858.0%. As of the end of the quarter Curbstone Financial Management Corp had bought a total of 3,475 shares growing its holdings by 94.6%. The value of the investment in SNX increased from $441,000 to $905,000 increasing 105.2% since the last quarter.
Equity analyst Loop Capital starting coverage on the stock with a rating of “Buy”. September 26 investment analysts at Citigroup held the company rating at “Neutral” but raised the price expectation from $113.00 to $130.00.
Pivotal Research initiated coverage setting a rating of “Hold”.
The company is so far trading up by 0.12% percent from yesterday’s close. Additionally Synnex Corporation recently declared a dividend for shareholders paid on Friday July 28th, 2017. The dividend payment was $0.300 per share for the quarter or $1.20 annualized. This dividend represents a yield of $0.92. The ex-dividend date was set for Wednesday the 12th of July 2017.
Company shares are trading at $132.65 quite a bit higher than the 50 day moving average which is $119.86 and a great deal higher than the 200 day moving average of $115.76. The 50 day moving average moved up $12.79 and the 200 day average moved up $16.89.
The company’s P/E ratio is 18.00 and the market cap is 5.30B. As of the latest earnings report the EPS was $7.37 and is estimated to be $8.76 for the current year with 39,965,000 shares now outstanding. Analysts expect next quarter’s EPS to be $2.10 with next year’s EPS projected to be $9.65.
Investors are more bullish on Synnex Corporation recently looking at the downtick in short interest. The company realized a fall in short interest from September 15, 2017 to September 29, 2017 of -13.44%. Short shares fell from 712,151 to 616,444 over that timeframe. With short interest at 616,444 and short average daily volume at 324,912, days to cover is 2.0 and the percentage of shorted shares was 0.02% on September 29.