Raymond James Keeps a Buy Rating on SYNNEX (SNX)

By Jason Carr

Raymond James analyst Adam Tindle maintained a Buy rating on SYNNEX (SNXResearch Report) yesterday. The company’s shares closed last Tuesday at $122.80.

According to TipRanks.com, Tindle has 0 stars on 0-5 stars ranking scale with an average return of -6.6% and a 34.9% success rate. Tindle covers the Technology sector, focusing on stocks such as Motorola Solutions, ScanSource, and Netgear.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for SYNNEX with a $136.25 average price target.

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Based on SYNNEX’s latest earnings release for the quarter ending May 31, the company reported a quarterly revenue of $5.53 billion and net profit of $56.96 million. In comparison, last year the company earned revenue of $5.72 billion and had a net profit of $114 million.

Based on the recent corporate insider activity of 154 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNX in relation to earlier this year. Most recently, in July 2020, Peter Larocque, the President of SNX sold 4,630 shares for a total of $568,495.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

SYNNEX Corp. engages in the provision of distribution, logistics and integration services for the technology industry. It operates through the following segments: Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals, IT systems including data center server and storage solutions, system components, software, networking equipment, consumer electronics, and complementary products. The Concentrix segment offers a portfolio of strategic solutions and end-to-end business services to customers in industry vertical markets. The company was founded by Robert T. Huang in November 1980 and is headquartered in Fremont, CA.