Zacks: Brokerages Expect Synnex Corporation (SNX) Will Post Quarterly Sales of $4.01 Billion
Equities analysts expect Synnex Corporation (NYSE:SNX) to report sales of $4.01 billion for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Synnex Corporation’s earnings. Synnex Corporation reported 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 company is expected to report its next earnings results 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 fiscal year, analysts forecast that the company will post sales of $16.36 billion per share, with estimates ranging from $16.30 billion to $16.43 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Synnex Corporation.
Synnex Corporation (NYSE:SNX) last posted its earnings results on Thursday, June 22nd. The business services provider reported $2.08 EPS for the quarter, topping the consensus estimate 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 last year, the company earned $1.37 EPS. The firm’s revenue was up 16.5% compared to the same quarter last year.
A number of research firms recently issued reports on SNX. Loop Capital began coverage on Synnex Corporation in a report on Thursday. They set a “buy” rating and a $140.00 price objective for the company. Zacks Investment Research cut Synnex Corporation from a “buy” rating to a “hold” rating in a report on Thursday. BidaskClub cut Synnex Corporation from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Stifel Nicolaus restated a “buy” rating and set a $132.00 price objective on shares of Synnex Corporation in a report on Thursday, August 3rd. Finally, Citigroup Inc. restated a “neutral” rating and set a $133.00 price objective (up previously from $122.00) on shares of Synnex Corporation in a report on Sunday, June 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $128.57.
In other Synnex Corporation news, Director Fred A. Breidenbach sold 318 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $125.00, for a total value of $39,750.00. Following the completion of the sale, the director now directly owns 19,408 shares in the company, valued at approximately $2,426,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Simon Leung sold 856 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $112.37, for a total value of $96,188.72. Following the completion of the sale, the senior vice president now owns 27,078 shares of the company’s stock, valued at $3,042,754.86. The disclosure for this sale can be found here. Insiders sold a total of 27,028 shares of company stock valued at $3,226,618 over the last quarter. Company insiders own 3.20% of the company’s stock.
Large investors have recently modified their holdings of the company. Advisor Group Inc. boosted its stake in shares of Synnex Corporation by 50.1% in the second quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock worth $112,000 after buying an additional 310 shares during the period. US Bancorp DE boosted its stake in shares of Synnex Corporation by 34.3% in the first quarter. US Bancorp DE now owns 1,112 shares of the business services provider’s stock worth $124,000 after buying an additional 284 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Synnex Corporation by 9.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock worth $135,000 after buying an additional 96 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Synnex Corporation by 8.8% in the first quarter. PNC Financial Services Group Inc. now owns 1,310 shares of the business services provider’s stock worth $147,000 after buying an additional 106 shares during the period. Finally, Invictus RG bought a new stake in shares of Synnex Corporation during the first quarter worth $196,000. Institutional investors and hedge funds own 71.27% of the company’s stock.
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Shares of Synnex Corporation (NYSE:SNX) opened at 116.43 on Monday. The company’s 50-day moving average is $118.53 and its 200 day moving average is $115.29. The firm has a market capitalization of $4.65 billion, a P/E ratio of 16.71 and a beta of 1.04. Synnex Corporation has a 52-week low of $100.06 and a 52-week high of $131.35.
Synnex Corporation announced that its Board of Directors has authorized a stock buyback program on Thursday, June 22nd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the business services provider to purchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
About Synnex Corporation
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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