SYNNEX Corporation (SNX)’s Trend Down, Especially After Forming a Multiple Bottom

September 16, 2018 - By Catherine Diaz

SYNNEX Corporation (NYSE:SNX) Logo

Investors sentiment increased to 1.34 in 2018 Q2. Its up 0.12, from 1.22 in 2018Q1. It is positive, as 34 investors sold SYNNEX Corporation shares while 57 reduced holdings. 42 funds opened positions while 80 raised stakes. 28.06 million shares or 2.33% less from 28.73 million shares in 2018Q1 were reported.
First Citizens Bank Trust Communications has invested 0.03% in SYNNEX Corporation (NYSE:SNX). Dimensional Fund Advsrs L P invested in 0.07% or 1.75M shares. Nordea Invest Mngmt Ab invested in 0.02% or 70,206 shares. Bahl And Gaynor holds 0.04% of its portfolio in SYNNEX Corporation (NYSE:SNX) for 37,923 shares. 4,073 were accumulated by Profund Advsr Ltd Com. Lombard Odier Asset (Usa) accumulated 5,000 shares. Alliancebernstein Ltd Partnership holds 0.01% or 89,138 shares. Public Employees Retirement System Of Ohio holds 0% or 7,030 shares in its portfolio. Dupont Capital Mngmt Corporation reported 0.04% of its portfolio in SYNNEX Corporation (NYSE:SNX). Private Trust Na stated it has 0.1% in SYNNEX Corporation (NYSE:SNX). United Cap Financial Advisers Limited Com has 0% invested in SYNNEX Corporation (NYSE:SNX) for 2,910 shares. Adams Diversified Equity Fund has invested 0.04% in SYNNEX Corporation (NYSE:SNX). New York State Teachers Retirement stated it has 61,222 shares or 0.01% of all its holdings. Invesco Limited stated it has 0% of its portfolio in SYNNEX Corporation (NYSE:SNX). Brandywine Global Invest Ltd Liability Com holds 0.06% of its portfolio in SYNNEX Corporation (NYSE:SNX) for 105,087 shares.

Since April 2, 2018, it had 0 insider purchases, and 26 selling transactions for $3.21 million activity. The insider POLK DENNIS sold $191,776. Another trade for 300 shares valued at $30,000 was made by Witt Marshall on Tuesday, May 1. The insider LEUNG SIMON sold $100,259. $314,250 worth of SYNNEX Corporation (NYSE:SNX) shares were sold by STEFFENSEN DWIGHT. 600 shares were sold by Wurster Thomas S., worth $66,005 on Friday, May 11.

The stock of SYNNEX Corporation (SNX) shows a multiple bottoms pattern with $90.19 target or 6.00 % below today’s $95.95 share price. The 5 months chart pattern indicates high risk for the $3.80B company. It was reported on Sep, 16 by Finviz.com. If the $90.19 price target is reached, the company will be worth $228.12 million less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 1.00% or $0.95 during the last trading session, reaching $95.95. About 413,034 shares traded or 35.10% up from the average. SYNNEX Corporation (NYSE:SNX) has declined 17.27% since September 16, 2017 and is downtrending. It has underperformed by 32.89% the S&P500.

Analysts await SYNNEX Corporation (NYSE:SNX) to report earnings on September, 24. They expect $2.46 earnings per share, up 13.89 % or $0.30 from last year’s $2.16 per share. SNX’s profit will be $97.48M for 9.75 P/E if the $2.46 EPS becomes a reality. After $2.38 actual earnings per share reported by SYNNEX Corporation for the previous quarter, Wall Street now forecasts 3.36 % EPS growth.

SYNNEX Corporation (NYSE:SNX) Ratings Coverage

Among 4 analysts covering SYNNEX Corp (NYSE:SNX), 4 have Buy rating, 0 Sell and 0 Hold. Therefore 100% are positive. SYNNEX Corp has $14000 highest and $130 lowest target. $132.50’s average target is 38.09% above currents $95.95 stock price. SYNNEX Corp had 6 analyst reports since March 29, 2018 according to SRatingsIntel. Stifel Nicolaus maintained the shares of SNX in report on Monday, April 2 with “Buy” rating. The firm earned “Buy” rating on Friday, June 29 by Stifel Nicolaus. The rating was maintained by Pivotal Research with “Buy” on Wednesday, June 27. The stock of SYNNEX Corporation (NYSE:SNX) earned “Buy” rating by SunTrust on Monday, April 2. The firm earned “Buy” rating on Monday, April 2 by Needham. Stifel Nicolaus maintained SYNNEX Corporation (NYSE:SNX) rating on Thursday, March 29. Stifel Nicolaus has “Buy” rating and $14000 target.

Another recent and important SYNNEX Corporation (NYSE:SNX) news was published by Seekingalpha.com which published an article titled: “Synnex Continues Aggressive Expansion” on September 13, 2018.

SYNNEX Corporation provides business process services to resellers, system integrators, retailers, and original equipment manufacturers in North and South America, the Asia-Pacific, Europe, and internationally. The company has market cap of $3.80 billion. It operates in two divisions, Technology Solutions and Concentrix. It has a 13.57 P/E ratio. 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.

SYNNEX Corporation (NYSE:SNX) Institutional Positions Chart

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