Synnex Corporation (SNX) Expected to Post Quarterly Sales of $4.88 Billion
Analysts expect that Synnex Corporation (NYSE:SNX) will post $4.88 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Synnex Corporation’s earnings, with the lowest sales estimate coming in at $4.86 billion and the highest estimate coming in at $4.90 billion. Synnex Corporation reported sales of $3.89 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 25.4%. The company is scheduled to report its next quarterly earnings results on Tuesday, January 9th.
According to Zacks, analysts expect that Synnex Corporation will report full-year sales of $4.88 billion for the current year, with estimates ranging from $16.60 billion to $16.63 billion. For the next year, analysts expect that the company will report sales of $18.78 billion per share, with estimates ranging from $18.53 billion to $19.02 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Synnex Corporation.
Synnex Corporation (NYSE:SNX) last released its earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.19. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4 billion. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. Synnex Corporation’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.73 earnings per share.
Several brokerages have issued reports on SNX. BidaskClub raised shares of Synnex Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Stifel Nicolaus reiterated a “buy” rating and issued a $132.00 target price on shares of Synnex Corporation in a research note on Thursday, August 3rd. Needham & Company LLC increased their price target on shares of Synnex Corporation from $135.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, September 26th. Zacks Investment Research upgraded shares of Synnex Corporation from a “hold” rating to a “buy” rating and set a $131.00 price target on the stock in a report on Thursday, September 21st. Finally, Loop Capital started coverage on shares of Synnex Corporation in a research report on Thursday, August 24th. They set a “buy” rating and a $140.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $134.86.
Shares of Synnex Corporation (NYSE SNX) opened at 128.67 on Wednesday. The stock has a market capitalization of $5.14 billion, a P/E ratio of 18.47 and a beta of 1.08. The company’s 50 day moving average price is $117.32 and its 200-day moving average price is $115.15. Synnex Corporation has a 12 month low of $100.06 and a 12 month high of $131.35.
Synnex Corporation announced that its Board of Directors has approved a share repurchase program on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the business services provider to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.20 annualized dividend and a yield of 0.93%. This is a boost from Synnex Corporation’s previous quarterly dividend of $0.25. Synnex Corporation’s dividend payout ratio is currently 13.57%.
In related news, COO Dennis Polk sold 3,416 shares of Synnex Corporation stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $119.47, for a total value of $408,109.52. Following the completion of the sale, the chief operating officer now owns 28,468 shares of the company’s stock, valued at $3,401,071.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marshall Witt sold 300 shares of Synnex Corporation stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $127.09, for a total value of $38,127.00. Following the completion of the sale, the chief financial officer now directly owns 20,200 shares of the company’s stock, valued at approximately $2,567,218. The disclosure for this sale can be found here. Insiders sold 19,796 shares of company stock valued at $2,373,169 over the last quarter. Company insiders own 3.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Schwab Charles Investment Management Inc. boosted its position in Synnex Corporation by 2.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 190,892 shares of the business services provider’s stock worth $22,900,000 after purchasing an additional 3,903 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Synnex Corporation by 126.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,300 shares of the business services provider’s stock valued at $1,835,000 after purchasing an additional 8,531 shares during the period. Victory Capital Management Inc. grew its stake in shares of Synnex Corporation by 1,268.6% during the 2nd quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock valued at $18,244,000 after purchasing an additional 140,969 shares during the period. Vanguard Group Inc. increased its position in shares of Synnex Corporation by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock valued at $352,667,000 after purchasing an additional 95,341 shares during the last quarter. Finally, Capital Analysts LLC purchased a new stake in shares of Synnex Corporation during the 2nd quarter valued at about $966,000. 71.26% of the stock is currently owned by institutional investors.
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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