SYNNEX (NYSE:SNX) Updates Q3 Earnings Guidance

SYNNEX (NYSE:SNX) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.00-2.50 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.53. The company issued revenue guidance of $5.50-5.90 billion, compared to the consensus revenue estimate of $5.44 billion.SYNNEX also updated its Q3 2020
After-Hours guidance to 2.00-2.50 EPS.

Shares of SNX stock traded down $0.91 during trading on Thursday, reaching $101.68. The company’s stock had a trading volume of 862,837 shares, compared to its average volume of 442,244. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.64 and a quick ratio of 1.00. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of 9.78, a P/E/G ratio of 1.22 and a beta of 1.53. The stock’s 50-day moving average price is $101.02 and its 200 day moving average price is $111.32. SYNNEX has a 1-year low of $52.06 and a 1-year high of $153.07.

SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Tuesday, March 24th. The business services provider reported $3.26 EPS for the quarter, topping the consensus estimate of $3.08 by $0.18. SYNNEX had a net margin of 2.26% and a return on equity of 19.04%. The company had revenue of $5.26 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business posted $2.84 EPS. The firm’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts anticipate that SYNNEX will post 9.05 EPS for the current fiscal year.

Several analysts have recently weighed in on SNX shares. Raymond James reduced their price objective on shares of SYNNEX from $165.00 to $120.00 and set a strong-buy rating for the company in a research 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 research report on Wednesday, May 27th. Loop Capital reduced their price objective on shares of SYNNEX from $175.00 to $112.00 and set a buy rating for the company in a research report on Tuesday, March 24th. Barrington Research upped their price target on shares of SYNNEX from $96.00 to $115.00 and gave the company an outperform rating in a research report on Tuesday, May 26th. Finally, ValuEngine downgraded shares of SYNNEX from a sell rating to a strong sell rating in a research report on Monday, May 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $129.00.

In related news, major shareholder Star Developments Ltd Silver purchased 50,000 shares of the stock in a transaction dated Tuesday, March 31st. The shares were acquired at an average cost of $71.66 per share, with a total value of $3,583,000.00. Following the purchase, the insider now directly owns 5,240,980 shares in the company, valued at approximately $375,568,626.80. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kevin M. Murai sold 2,500 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $101.80, for a total transaction of $254,500.00. Following the transaction, the director now directly owns 12,065 shares in the company, valued at $1,228,217. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 61,000 shares of company stock worth $4,370,700 and have sold 7,936 shares worth $798,288. Corporate insiders own 2.80% of the company’s stock.

SYNNEX Company Profile

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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