SYNNEX Co. (NYSE:SNX) Expected to Post Quarterly Sales of $6.00 Billion

Equities analysts expect SYNNEX Co. (NYSE:SNX) to post sales of $6.00 billion for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for SYNNEX’s earnings. The highest sales estimate is $6.02 billion and the lowest is $5.98 billion. SYNNEX reported sales of $5.62 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 6.8%. The company is expected to announce its next quarterly earnings results on Thursday, January 9th.

On average, analysts expect that SYNNEX will report full-year sales of $23.18 billion for the current financial year, with estimates ranging from $23.16 billion to $23.19 billion. For the next financial year, analysts anticipate that the firm will report sales of $23.49 billion, with estimates ranging from $23.22 billion to $23.64 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow SYNNEX.

SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Tuesday, September 24th. The business services provider reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $2.86 by $0.44. SYNNEX had a return on equity of 17.96% and a net margin of 1.92%. The business had revenue of $6.20 billion during the quarter, compared to analysts’ expectations of $5.69 billion. During the same quarter last year, the company posted $2.57 earnings per share. SYNNEX’s quarterly revenue was up 28.7% on a year-over-year basis.

Several equities analysts recently issued reports on SNX shares. TheStreet upgraded shares of SYNNEX from a “c+” rating to a “b-” rating in a report on Friday, September 27th. Bank of America assumed coverage on shares of SYNNEX in a report on Friday, September 6th. They set a “buy” rating and a $120.00 price objective on the stock. ValuEngine lowered shares of SYNNEX from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. Barrington Research reiterated a “buy” rating and set a $118.00 price objective on shares of SYNNEX in a report on Friday, September 20th. Finally, Zacks Investment Research upgraded shares of SYNNEX from a “hold” rating to a “buy” rating and set a $126.00 price objective on the stock in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $128.80.

In related news, Director Andrea M. Zulberti sold 500 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $107.83, for a total value of $53,915.00. Following the sale, the director now owns 13,265 shares in the company, valued at approximately $1,430,364.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Marshall Witt sold 285 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $113.98, for a total transaction of $32,484.30. Following the completion of the sale, the chief financial officer now owns 14,438 shares in the company, valued at approximately $1,645,643.24. The disclosure for this sale can be found here. Insiders have sold 22,587 shares of company stock worth $2,562,494 in the last quarter. Company insiders own 3.20% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of SNX. Invesco Ltd. grew its position in SYNNEX by 112.0% in the 2nd quarter. Invesco Ltd. now owns 130,051 shares of the business services provider’s stock worth $12,797,000 after purchasing an additional 68,714 shares in the last quarter. Copeland Capital Management LLC grew its position in SYNNEX by 21.0% in the 2nd quarter. Copeland Capital Management LLC now owns 332,943 shares of the business services provider’s stock worth $32,761,000 after purchasing an additional 57,873 shares in the last quarter. Paradigm Capital Management Inc. NY grew its position in SYNNEX by 2.1% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 109,703 shares of the business services provider’s stock worth $10,795,000 after purchasing an additional 2,230 shares in the last quarter. JPMorgan Chase & Co. grew its position in SYNNEX by 5.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 105,680 shares of the business services provider’s stock worth $10,362,000 after purchasing an additional 5,346 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in SYNNEX in the 2nd quarter worth about $628,000. Institutional investors own 78.05% of the company’s stock.

SNX stock opened at $121.25 on Monday. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of 11.13, a PEG ratio of 0.90 and a beta of 1.01. The company has a quick ratio of 0.96, a current ratio of 1.57 and a debt-to-equity ratio of 0.77. SYNNEX has a 12-month low of $71.82 and a 12-month high of $122.43. The company’s fifty day simple moving average is $116.04 and its 200 day simple moving average is $99.68.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were issued a dividend of $0.375 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.50 annualized dividend and a dividend yield of 1.24%. SYNNEX’s dividend payout ratio is currently 13.77%.

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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