September 30, 2020

SYNNEX Co. (NYSE:SNX) Short Interest Up 31.1% in September

SYNNEX Co. (NYSE:SNX) Short Interest Up 31.1% in September


SYNNEX Co. (NYSE:SNX) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 1,010,000 shares, an increase of 31.1% from the August 31st total of 770,400 shares. Currently, 2.4% of the shares of the company are sold short. Based on an average daily volume of 389,300 shares, the days-to-cover ratio is presently 2.6 days.

In related news, Director Kevin M. Murai sold 5,233 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $121.51, for a total value of $635,861.83. Following the transaction, the director now directly owns 9,565 shares in the company, valued at $1,162,243.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Dwight Steffensen sold 524 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $121.80, for a total transaction of $63,823.20. Following the completion of the transaction, the director now owns 1,570 shares in the company, valued at $191,226. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,987 shares of company stock worth $4,729,703. Insiders own 2.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNX. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of SYNNEX by 6.2% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 48,980 shares of the business services provider’s stock valued at $4,672,000 after purchasing an additional 2,881 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in SYNNEX by 10.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,259 shares of the business services provider’s stock valued at $238,000 after acquiring an additional 307 shares during the last quarter. State Street Corp lifted its stake in shares of SYNNEX by 0.4% during the 1st quarter. State Street Corp now owns 1,006,073 shares of the business services provider’s stock worth $73,544,000 after buying an additional 3,686 shares during the last quarter. Ensign Peak Advisors Inc increased its position in SYNNEX by 38.7% during the first quarter. Ensign Peak Advisors Inc now owns 47,823 shares of the business services provider’s stock worth $3,496,000 after acquiring an additional 13,337 shares during the period. Finally, Sowell Financial Services LLC increased its holdings in SYNNEX by 2,128.6% in the 1st quarter. Sowell Financial Services LLC now owns 468 shares of the business services provider’s stock valued at $34,000 after buying an additional 447 shares during the period. Institutional investors and hedge funds own 75.60% of the company’s stock.

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Shares of NYSE SNX traded up $7.70 during mid-day trading on Wednesday, reaching $140.06. 1,354,578 shares of the company were exchanged, compared to its average volume of 428,764. The firm has a 50-day moving average of $127.50 and a 200 day moving average of $106.36. The company has a quick ratio of 0.94, a current ratio of 1.52 and a debt-to-equity ratio of 0.69. SYNNEX has a 1 year low of $52.06 and a 1 year high of $153.07. The stock has a market cap of $7.21 billion, a price-to-earnings ratio of 15.11, a P/E/G ratio of 1.23 and a beta of 1.54.

SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Friday, October 2nd. The business services provider reported $3.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $1.07. The business had revenue of $6.47 billion for the quarter, compared to analyst estimates of $5.70 billion. SYNNEX had a return on equity of 17.29% and a net margin of 2.03%. The company’s revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the company earned $3.30 earnings per share. On average, equities analysts forecast that SYNNEX will post 10.75 earnings per share for the current year.

A number of analysts recently commented on the company. Barrington Research raised their price target on SYNNEX from $125.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday. Stifel Nicolaus raised their price target on SYNNEX from $120.00 to $130.00 and gave the company a “buy” rating in a report on Friday, June 26th. Cross Research upgraded SYNNEX from a “hold” rating to a “buy” rating and set a $158.00 price target for the company in a report on Wednesday. ValuEngine upgraded SYNNEX from a “strong sell” rating to a “sell” rating in a report on Monday, August 3rd. Finally, Raymond James boosted their price target on SYNNEX from $140.00 to $160.00 and gave the company a “strong-buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a buy rating and two have issued a strong buy rating to the company. SYNNEX presently has a consensus rating of “Buy” and an average target price of $152.71.

About SYNNEX

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.

Further Reading: Understanding dividend yield and dividend payout ratio

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