Brokerages predict that Synnex Corporation (NYSE:SNX) will announce $4.01 billion in sales for the current quarter, Zacks reports. Two analysts have made estimates for Synnex Corporation’s earnings. Synnex Corporation posted sales of $3.67 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 9.3%. The firm is scheduled to announce its next earnings results after the market closes on Monday, September 25th.
On average, analysts expect that Synnex Corporation will report full-year sales of $4.01 billion for the current fiscal year, with estimates ranging from $15.73 billion to $15.77 billion. For the next year, analysts anticipate that the firm will post sales of $16.36 billion per share, with estimates ranging from $16.30 billion to $16.43 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Synnex Corporation.
Synnex Corporation (NYSE:SNX) last released its earnings results on Thursday, June 22nd. The business services provider reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.29. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same period in the previous year, the firm earned $1.37 EPS. The business’s revenue for the quarter was up 16.5% on a year-over-year basis.
A number of research analysts have issued reports on SNX shares. Raymond James Financial, Inc. upgraded shares of Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 target price on the stock in a research report on Friday, May 19th. Zacks Investment Research downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. Stifel Nicolaus restated a “buy” rating and set a $128.00 target price (up from $120.00) on shares of Synnex Corporation in a research report on Friday, June 9th. Citigroup Inc. cut their target price on shares of Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating on the stock in a research report on Friday, June 9th. Finally, BidaskClub upgraded shares of Synnex Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Synnex Corporation has an average rating of “Hold” and an average target price of $128.57.
In related news, insider Peter Larocque sold 4,265 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $119.08, for a total value of $507,876.20. Following the sale, the insider now directly owns 14,958 shares in the company, valued at approximately $1,781,198.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrea M. Zulberti sold 2,500 shares of the stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $126.00, for a total transaction of $315,000.00. Following the completion of the sale, the director now owns 14,922 shares in the company, valued at $1,880,172. The disclosure for this sale can be found here. Insiders sold a total of 26,172 shares of company stock worth $3,128,254 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in SNX. Oregon Public Employees Retirement Fund raised its position in shares of Synnex Corporation by 1.0% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,168 shares of the business services provider’s stock valued at $1,138,000 after acquiring an additional 100 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Synnex Corporation by 4.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 17,701 shares of the business services provider’s stock valued at $1,981,000 after acquiring an additional 827 shares during the period. State Treasurer State of Michigan raised its position in shares of Synnex Corporation by 0.9% in the 1st quarter. State Treasurer State of Michigan now owns 11,800 shares of the business services provider’s stock valued at $1,321,000 after acquiring an additional 100 shares during the period. State Board of Administration of Florida Retirement System raised its position in shares of Synnex Corporation by 26.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 15,622 shares of the business services provider’s stock valued at $1,749,000 after acquiring an additional 3,278 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Synnex Corporation by 3.1% in the 1st quarter. First Trust Advisors LP now owns 21,722 shares of the business services provider’s stock valued at $2,432,000 after acquiring an additional 659 shares during the period. Institutional investors and hedge funds own 71.39% of the company’s stock.
Synnex Corporation (SNX) traded up 0.50% during mid-day trading on Friday, hitting $116.15. 291,195 shares of the company were exchanged. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $131.35. The company has a 50 day moving average of $116.29 and a 200 day moving average of $114.90. The stock has a market cap of $4.64 billion, a P/E ratio of 16.67 and a beta of 1.05.
Synnex Corporation announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 22nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the business services provider to purchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Synnex Corporation Company Profile
Synnex Corporation 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.
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