SYNNEX (NYSE:SNX) Releases Q3 2020 After-Hours Earnings Guidance

SYNNEX (NYSE:SNX) updated its third quarter 2020
After-Hours earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 2.00-2.50 for the period, compared to the Thomson Reuters consensus estimate of $1.15. The company issued revenue guidance of $5.5-5.9 billion, compared to the consensus revenue estimate of $5.38 billion.

Shares of NYSE SNX traded down $0.91 on Thursday, reaching $101.68. 829,642 shares of the company’s stock traded hands, compared to its average volume of 442,038. The business’s 50 day simple moving average is $101.02 and its two-hundred day simple moving average is $111.32. SYNNEX has a 12 month low of $52.06 and a 12 month high of $153.07. The company has a market cap of $5.31 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 1.22 and a beta of 1.53. The company has a quick ratio of 1.00, a current ratio of 1.64 and a debt-to-equity ratio of 0.70.

SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, March 24th. The business services provider reported $3.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.08 by $0.18. SYNNEX had a return on equity of 19.04% and a net margin of 2.26%. The company had revenue of $5.26 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the company earned $2.84 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Analysts forecast that SYNNEX will post 9.05 earnings per share for the current fiscal year.

SNX has been the topic of several recent analyst reports. Loop Capital cut their price objective on shares of SYNNEX from $175.00 to $112.00 and set a buy rating on the stock in a research report on Tuesday, March 24th. Cross Research cut shares of SYNNEX from a buy rating to a hold rating in a report on Wednesday, March 25th. Zacks Investment Research upgraded shares of SYNNEX from a sell rating to a strong-buy rating and set a $111.00 price objective for the company in a report on Wednesday, May 27th. Raymond James cut their target price on SYNNEX from $165.00 to $120.00 and set a strong-buy rating on the stock in a research note on Wednesday, March 25th. Finally, Barrington Research lifted their target price on SYNNEX from $96.00 to $115.00 and gave the stock an outperform rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the company. SYNNEX currently has a consensus rating of Buy and an average price target of $129.00.

In other news, Director Dwight Steffensen sold 366 shares of the stock in a transaction on Monday, March 30th. The stock was sold at an average price of $71.56, for a total transaction of $26,190.96. Following the transaction, the director now directly owns 188,222 shares of the company’s stock, valued at approximately $13,469,166.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Star Developments Ltd Silver purchased 50,000 shares of the company’s stock in a transaction dated Tuesday, March 31st. The stock was purchased at an average price of $71.66 per share, for a total transaction of $3,583,000.00. Following the completion of the purchase, the insider now owns 5,240,980 shares in the company, valued at $375,568,626.80. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 61,000 shares of company stock worth $4,370,700 and sold 7,936 shares worth $798,288. Company insiders own 2.80% of the company’s stock.

About SYNNEX

SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.

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