Analysts Anticipate SYNNEX Co. (NYSE:SNX) Will Announce Quarterly Sales of $6.00 Billion

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

According to Zacks, analysts expect that SYNNEX will report full-year sales of $23.18 billion for the current year, with estimates ranging from $23.16 billion to $23.19 billion. For the next fiscal year, analysts forecast that the company will report sales of $23.49 billion, with estimates ranging from $23.22 billion to $23.64 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for SYNNEX.

SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, September 24th. The business services provider reported $3.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.86 by $0.44. SYNNEX had a net margin of 1.92% and a return on equity of 17.96%. The firm 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 EPS. The firm’s quarterly revenue was up 28.7% on a year-over-year basis.

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

In other news, SVP Simon Leung sold 1,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $105.66, for a total transaction of $105,660.00. Following the sale, the senior vice president now owns 17,357 shares of the company’s stock, valued at $1,833,940.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrea M. Zulberti sold 500 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $107.83, for a total value of $53,915.00. Following the completion of the sale, the director now owns 13,265 shares in the company, valued at $1,430,364.95. The disclosure for this sale can be found here. Insiders sold a total of 28,427 shares of company stock valued at $3,295,876 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. CWM LLC increased its holdings in SYNNEX by 187.3% during the 3rd quarter. CWM LLC now owns 227 shares of the business services provider’s stock worth $26,000 after purchasing an additional 148 shares during the period. First National Bank of South Miami purchased a new position in shares of SYNNEX in the 2nd quarter valued at about $52,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of SYNNEX during the third quarter worth about $113,000. Bank of Montreal Can grew its position in shares of SYNNEX by 16.0% during the second quarter. Bank of Montreal Can now owns 1,327 shares of the business services provider’s stock worth $131,000 after buying an additional 183 shares in the last quarter. Finally, Torch Wealth Management LLC acquired a new position in shares of SYNNEX during the second quarter worth about $202,000. Hedge funds and other institutional investors own 75.53% of the company’s stock.

NYSE SNX traded down $1.88 on Wednesday, reaching $127.11. The stock had a trading volume of 260,298 shares, compared to its average volume of 308,548. The company has a quick ratio of 0.96, a current ratio of 1.57 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average price of $121.30 and a two-hundred day moving average price of $102.62. SYNNEX has a 12-month low of $72.76 and a 12-month high of $129.85. The firm has a market capitalization of $6.49 billion, a price-to-earnings ratio of 11.67, a P/E/G ratio of 0.93 and a beta of 1.01.

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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