SYNNEX (SNX) Updates Q1 Earnings Guidance

SYNNEX (NYSE:SNX) updated its first quarter earnings guidance on Thursday. The company provided earnings per share guidance of $2.70-2.80 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.52. The company issued revenue guidance of $5.225-5.425 billion, compared to the consensus revenue estimate of $5.01 billion.SYNNEX also updated its Q1 2019 guidance to $2.70-2.80 EPS.

Several brokerages recently issued reports on SNX. Zacks Investment Research cut SYNNEX from a buy rating to a hold rating in a research report on Wednesday, December 5th. TheStreet cut SYNNEX from a b- rating to a c+ rating in a research report on Friday, October 12th. Needham & Company LLC raised SYNNEX from a buy rating to a strong-buy rating and set a $135.00 target price on the stock in a research report on Thursday, October 4th. Stifel Nicolaus dropped their price target on SYNNEX from $130.00 to $114.00 and set a buy rating on the stock in a report on Thursday, October 4th. Finally, SunTrust Banks dropped their price target on SYNNEX to $100.00 and set a buy rating on the stock in a report on Thursday, October 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $125.57.

SYNNEX stock traded up $1.57 during mid-day trading on Thursday, reaching $86.83. 741,357 shares of the company’s stock were exchanged, compared to its average volume of 497,670. The firm has a market capitalization of $4.19 billion, a P/E ratio of 9.80 and a beta of 0.69. SYNNEX has a one year low of $71.82 and a one year high of $139.44. The company has a current ratio of 1.51, a quick ratio of 0.94 and a debt-to-equity ratio of 0.47.

In related news, Director Kevin M. Murai sold 2,809 shares of SYNNEX stock in a transaction on Friday, October 26th. The stock was sold at an average price of $77.38, for a total transaction of $217,360.42. Following the sale, the director now directly owns 22,436 shares in the company, valued at $1,736,097.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marshall Witt sold 600 shares of SYNNEX stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $82.13, for a total value of $49,278.00. Following the sale, the chief financial officer now owns 18,274 shares in the company, valued at $1,500,843.62. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 370,331 shares of company stock worth $29,495,099 and have sold 4,609 shares worth $361,156. Company insiders own 3.20% of the company’s stock.

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About SYNNEX

SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. 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.

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