Synnex Corporation (SNX) to Release Earnings on Monday
Synnex Corporation (NYSE:SNX) will be releasing its earnings data after the market closes on Monday, September 25th. Analysts expect Synnex Corporation to post earnings of $1.98 per share for the quarter. Synnex Corporation has set its Q3 guidance at $1.94-2.02 EPS.
Synnex Corporation (NYSE:SNX) last issued its earnings results on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter last year, the business earned $1.37 earnings per share. The company’s revenue was up 16.5% compared to the same quarter last year. On average, analysts expect Synnex Corporation to post $8.44 EPS for the current fiscal year and $8.92 EPS for the next fiscal year.
Synnex Corporation (NYSE SNX) opened at 116.15 on Monday. Synnex Corporation has a one year low of $100.06 and a one year high of $131.35. The firm’s 50-day moving average price is $116.29 and its 200-day moving average price is $114.90. The company has a market cap of $4.64 billion, a PE ratio of 16.67 and a beta of 1.05.
Synnex Corporation declared that its Board of Directors has initiated a share repurchase program on Thursday, June 22nd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the business services provider to reacquire up to 6.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
SNX has been the subject of a number of recent research reports. ValuEngine cut Synnex Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, September 6th. BidaskClub cut Synnex Corporation from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Citigroup Inc. decreased their price target on Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating for the company in a research note on Friday, June 9th. Zacks Investment Research cut Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $128.00 price target (up previously from $120.00) on shares of Synnex Corporation in a research note on Friday, June 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Synnex Corporation has a consensus rating of “Hold” and a consensus target price of $128.57.
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In other news, Director Andrea M. Zulberti sold 2,500 shares of the stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $126.00, for a total value of $315,000.00. Following the completion of the sale, the director now owns 14,922 shares of the company’s stock, valued at $1,880,172. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Fred A. Breidenbach sold 318 shares of the stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $125.00, for a total value of $39,750.00. Following the completion of the sale, the director now directly owns 19,408 shares of the company’s stock, valued at approximately $2,426,000. The disclosure for this sale can be found here. In the last three months, insiders sold 26,172 shares of company stock valued at $3,128,254. Insiders own 3.20% of the company’s stock.
About Synnex Corporation
Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.
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