Synnex Corporation (SNX) Expected to Announce Quarterly Sales of $4.87 Billion

Analysts forecast that Synnex Corporation (NYSE:SNX) will post $4.87 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Synnex’s earnings, with the highest sales estimate coming in at $4.90 billion and the lowest estimate coming in at $4.86 billion. Synnex posted sales of $3.89 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 25.2%. The company is scheduled to report its next earnings results after the market closes on Tuesday, January 9th.

According to Zacks, analysts expect that Synnex will report full year sales of $4.87 billion for the current year, with estimates ranging from $16.59 billion to $16.63 billion. For the next year, analysts expect that the company will report sales of $18.74 billion per share, with estimates ranging from $18.53 billion to $19.02 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Synnex.

A number of research firms have issued reports on SNX. Pivotal Research started coverage on shares of Synnex in a report on Friday, October 6th. They set a “hold” rating and a $137.00 target price on the stock. ValuEngine upgraded shares of Synnex from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Zacks Investment Research lowered shares of Synnex from a “buy” rating to a “hold” rating in a report on Tuesday, November 28th. Loop Capital raised their price objective on shares of Synnex from $140.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, September 26th. Finally, Needham & Company LLC raised their price objective on shares of Synnex from $135.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Synnex presently has an average rating of “Buy” and a consensus price target of $136.22.

In related news, CFO Marshall Witt sold 300 shares of Synnex stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $135.52, for a total transaction of $40,656.00. Following the sale, the chief financial officer now directly owns 21,300 shares in the company, valued at approximately $2,886,576. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin M. Murai sold 2,000 shares of Synnex stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $130.37, for a total transaction of $260,740.00. The disclosure for this sale can be found here. Insiders sold a total of 9,900 shares of company stock worth $1,311,132 over the last 90 days. Company insiders own 3.20% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. FMR LLC raised its stake in Synnex by 5.7% during the 2nd quarter. FMR LLC now owns 5,587,157 shares of the business services provider’s stock worth $670,236,000 after acquiring an additional 302,301 shares in the last quarter. Vanguard Group Inc. raised its stake in Synnex by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 3,221,813 shares of the business services provider’s stock worth $386,489,000 after acquiring an additional 71,317 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Synnex by 13.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the business services provider’s stock worth $157,810,000 after acquiring an additional 154,174 shares in the last quarter. State Street Corp raised its stake in Synnex by 3.8% during the 2nd quarter. State Street Corp now owns 993,336 shares of the business services provider’s stock worth $119,164,000 after acquiring an additional 36,210 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Synnex by 189.1% during the 3rd quarter. Victory Capital Management Inc. now owns 439,603 shares of the business services provider’s stock worth $55,614,000 after acquiring an additional 287,522 shares in the last quarter. Hedge funds and other institutional investors own 71.68% of the company’s stock.

Shares of Synnex (NYSE:SNX) opened at $138.21 on Thursday. The stock has a market cap of $5,480.00, a P/E ratio of 18.75 and a beta of 1.08. Synnex has a fifty-two week low of $101.48 and a fifty-two week high of $138.44. The company has a current ratio of 1.61, a quick ratio of 0.80 and a debt-to-equity ratio of 0.25.

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About Synnex

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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