SYNNEX Corporation (SNX) was Downgraded by Citigroup to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Citigroup advised their investors in a research report released on May 2, 2016.
Many Wall Street Analysts have commented on SYNNEX Corporation. SYNNEX Corporation was Downgraded by Citigroup to ” Neutral” on May 2, 2016. SYNNEX Corporation was Downgraded by Raymond James to ” Underperform” on Mar 23, 2016.
On the company’s financial health, SYNNEX Corporation reported $1.37 EPS for the quarter, based on the information available during the earnings call on Mar 28, 2016. Analyst had a consensus estimate of $1.37. The company had revenue of $3125.60 million for the quarter, compared to analysts expectations of $3272.64 million. The company’s revenue was down -2.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.46 EPS.
SYNNEX Corporation opened for trading at $84.35 and hit $85.65 on the upside on Wednesday, eventually ending the session at $85.5, with a gain of 1.27% or 1.07 points. The heightened volatility saw the trading volume jump to 3,01,476 shares. Company has a market cap of $3,395 M.
In a different news, on Apr 13, 2016, Peter Larocque (President, N.A. Distribution) sold 2,644 shares at $87.07 per share price. According to the SEC, on Apr 5, 2016, Kevin M Murai (Chief Executive Officer) sold 16,500 shares at $90.92 per share price. On Apr 5, 2016, Dennis Polk (Chief Operating Officer) sold 1,000 shares at $91.62 per share price, according to the Form-4 filing with the securities and exchange commission.
Synnex Corporation is a business process services company. The Company offers a range of services to resellers retailers and original equipment manufacturers financial and insurance institutions and other industry verticals across the world. The Company’s primary business process services are wholesale information technology (IT) distribution and outsourcing services. The Company operates in two segments: distribution services also known as Technology Solutions and global business services also known as Concentrix. Its Technology Solutions segment distributes peripherals IT systems including data center server and storage solutions system components software networking equipment and consumer electronics. Its Concentrix segment offers a range 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 to clients in various industry verticals.