SunTrust Banks Comments on Synnex Corporation’s FY2017 Earnings (SNX)
Synnex Corporation (NYSE:SNX) – SunTrust Banks issued their FY2017 earnings per share (EPS) estimates for shares of Synnex in a research note issued to investors on Thursday. SunTrust Banks analyst F. Atkins forecasts that the business services provider will earn $8.77 per share for the year. SunTrust Banks currently has a “Buy” rating and a $145.00 price target on the stock. SunTrust Banks also issued estimates for Synnex’s Q4 2017 earnings at $2.71 EPS, Q1 2018 earnings at $2.10 EPS, Q2 2018 earnings at $2.36 EPS, Q3 2018 earnings at $2.44 EPS, Q4 2018 earnings at $2.78 EPS, FY2018 earnings at $9.68 EPS and FY2019 earnings at $9.80 EPS.
A number of other equities research analysts have also commented on the stock. Zacks Investment Research upgraded shares of Synnex from a “hold” rating to a “buy” rating and set a $131.00 price objective on the stock in a report on Thursday, September 21st. Pivotal Research started coverage on shares of Synnex in a report on Friday, October 6th. They set a “hold” rating and a $137.00 price objective on the stock. ValuEngine lowered shares of Synnex from a “buy” rating to a “hold” rating in a report on Wednesday, September 6th. Needham & Company LLC restated a “buy” rating and set a $135.00 price objective on shares of Synnex in a report on Monday, September 18th. Finally, Stifel Nicolaus restated a “buy” rating and set a $132.00 price objective on shares of Synnex in a report on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Synnex currently has a consensus rating of “Buy” and a consensus price target of $136.22.
Synnex (NYSE:SNX) last announced its quarterly earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4 billion. Synnex had a net margin of 1.89% and a return on equity of 16.58%. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period last year, the firm posted $1.73 earnings per share.
In other Synnex news, COO Dennis Polk sold 1,500 shares of Synnex stock in a transaction on Friday, December 1st. The shares were sold at an average price of $135.39, for a total value of $203,085.00. Following the sale, the chief operating officer now directly owns 20,374 shares in the company, valued at approximately $2,758,435.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Marshall Witt sold 300 shares of Synnex stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $127.09, for a total transaction of $38,127.00. Following the completion of the sale, the chief financial officer now owns 20,200 shares in the company, valued at $2,567,218. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,721 shares of company stock worth $1,402,155. 3.20% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of SNX. Bank of Montreal Can acquired a new position in shares of Synnex during the 2nd quarter worth about $309,000. Janney Montgomery Scott LLC acquired a new position in shares of Synnex during the 2nd quarter worth about $412,000. Great West Life Assurance Co. Can increased its stake in shares of Synnex by 0.8% during the 2nd quarter. Great West Life Assurance Co. Can now owns 17,844 shares of the business services provider’s stock worth $2,138,000 after purchasing an additional 143 shares during the last quarter. Sei Investments Co. increased its stake in shares of Synnex by 8.0% during the 2nd quarter. Sei Investments Co. now owns 19,612 shares of the business services provider’s stock worth $2,353,000 after purchasing an additional 1,461 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Synnex by 2.1% during the 2nd 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. Hedge funds and other institutional investors own 71.72% of the company’s stock.
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Synnex Company Profile
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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