Wall Street brokerages forecast that SYNNEX Co. (NYSE:SNX) will announce earnings per share (EPS) of $3.00 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for SYNNEX’s earnings. The lowest EPS estimate is $2.97 and the highest is $3.02. SYNNEX posted earnings of $2.79 per share during the same quarter last year, which would indicate a positive year over year growth rate of 7.5%. The business is expected to report its next earnings results on Tuesday, January 8th.
According to Zacks, analysts expect that SYNNEX will report full-year earnings of $10.12 per share for the current financial year, with EPS estimates ranging from $10.05 to $10.22. For the next financial year, analysts anticipate that the firm will report earnings of $11.58 per share, with EPS estimates ranging from $11.43 to $11.65. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow SYNNEX.
SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Wednesday, October 3rd. The business services provider reported $2.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.46 by $0.11. The company had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.88 billion. SYNNEX had a return on equity of 17.16% and a net margin of 1.41%. SYNNEX’s revenue was up 14.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.16 EPS.
A number of research firms have recently commented on SNX. Zacks Investment Research downgraded SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday. TheStreet downgraded SYNNEX from a “b-” rating to a “c+” rating in a report on Friday, October 12th. Needham & Company LLC upgraded SYNNEX from a “buy” rating to a “strong-buy” rating and set a $135.00 price objective for the company in a report on Thursday, October 4th. Stifel Nicolaus lowered their price target on SYNNEX from $130.00 to $114.00 and set a “buy” rating for the company in a report on Thursday, October 4th. Finally, SunTrust Banks lowered their price target on SYNNEX to $100.00 and set a “buy” rating for the company in a report on Thursday, October 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $127.00.
Shares of SNX stock traded down $1.72 on Friday, reaching $75.59. 579,713 shares of the stock were exchanged, compared to its average volume of 344,930. The company has a market cap of $3.93 billion, a price-to-earnings ratio of 8.53 and a beta of 0.82. The company has a quick ratio of 0.94, a current ratio of 1.51 and a debt-to-equity ratio of 0.47. SYNNEX has a 1-year low of $71.82 and a 1-year high of $141.94.
In related news, CFO Marshall Witt sold 600 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $85.10, for a total value of $51,060.00. Following the completion of the sale, the chief financial officer now directly owns 16,610 shares in the company, valued at approximately $1,413,511. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Dennis Polk sold 2,000 shares of the stock in a transaction on Monday, October 1st. The shares were sold at an average price of $84.81, for a total value of $169,620.00. Following the completion of the sale, the chief executive officer now owns 26,494 shares of the company’s stock, valued at $2,246,956.14. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 370,331 shares of company stock valued at $29,495,099 and sold 6,609 shares valued at $534,250. 3.20% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in SYNNEX by 1.5% in the 3rd quarter. FMR LLC now owns 5,944,225 shares of the business services provider’s stock valued at $503,475,000 after buying an additional 89,828 shares during the last quarter. BlackRock Inc. boosted its position in SYNNEX by 2.5% in the 3rd quarter. BlackRock Inc. now owns 3,777,636 shares of the business services provider’s stock valued at $319,967,000 after buying an additional 92,689 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in SYNNEX by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,775,137 shares of the business services provider’s stock valued at $150,356,000 after buying an additional 21,468 shares during the last quarter. Northern Trust Corp boosted its position in SYNNEX by 6.1% in the 2nd quarter. Northern Trust Corp now owns 906,408 shares of the business services provider’s stock valued at $87,477,000 after buying an additional 52,225 shares during the last quarter. Finally, Boston Partners boosted its position in SYNNEX by 2.1% in the 2nd quarter. Boston Partners now owns 815,045 shares of the business services provider’s stock valued at $78,660,000 after buying an additional 16,895 shares during the last quarter. Hedge funds and other institutional investors own 57.76% of the company’s stock.
SYNNEX Company Profile
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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