Zacks: Analysts Anticipate SYNNEX Co. (NYSE:SNX) Will Announce Quarterly Sales of $4.71 Billion

Analysts forecast that SYNNEX Co. (NYSE:SNX) will announce sales of $4.71 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for SYNNEX’s earnings, with estimates ranging from $4.65 billion to $4.78 billion. SYNNEX reported sales of $5.26 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 10.5%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, March 23rd.

According to Zacks, analysts expect that SYNNEX will report full-year sales of $20.10 billion for the current fiscal year, with estimates ranging from $19.68 billion to $20.48 billion. For the next financial year, analysts forecast that the company will report sales of $19.86 billion, with estimates ranging from $19.15 billion to $21.05 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow SYNNEX.

SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Sunday, January 10th. The business services provider reported $5.21 EPS for the quarter, beating analysts’ consensus estimates of $3.83 by $1.38. The firm had revenue of $7.41 billion during the quarter, compared to the consensus estimate of $6.60 billion. SYNNEX had a return on equity of 17.47% and a net margin of 2.14%. SYNNEX’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.26 earnings per share.

A number of research analysts have issued reports on SNX shares. Stifel Nicolaus lowered shares of SYNNEX from a “buy” rating to a “hold” rating and decreased their target price for the stock from $156.00 to $85.00 in a research report on Tuesday, December 8th. Raymond James reissued a “buy” rating on shares of SYNNEX in a research report on Wednesday, January 13th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their target price on shares of SYNNEX from $95.00 to $100.00 in a report on Tuesday, January 12th. Loop Capital cut their price target on shares of SYNNEX from $170.00 to $108.00 and set a “buy” rating for the company in a research note on Wednesday, January 13th. Finally, Smith Barney Citigroup upped their price objective on shares of SYNNEX from $95.00 to $100.00 in a research note on Tuesday, January 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $112.56.

In other news, insider Peter Larocque sold 3,417 shares of the company’s stock in a transaction that occurred on Friday, January 15th. The stock was sold at an average price of $86.74, for a total transaction of $296,390.58. Following the completion of the transaction, the insider now directly owns 19,444 shares of the company’s stock, valued at approximately $1,686,572.56. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Dwight Steffensen sold 500 shares of the stock in a transaction on Thursday, January 21st. The shares were sold at an average price of $89.99, for a total value of $44,995.00. Following the completion of the transaction, the director now directly owns 546 shares of the company’s stock, valued at $49,134.54. The disclosure for this sale can be found here. Insiders sold 6,176 shares of company stock valued at $542,256 over the last quarter. 2.80% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of SNX. JPMorgan Chase & Co. grew its stake in shares of SYNNEX by 24.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,951,630 shares of the business services provider’s stock valued at $158,941,000 after purchasing an additional 384,351 shares during the last quarter. Truist Financial Corp increased its stake in SYNNEX by 694.3% during the fourth quarter. Truist Financial Corp now owns 23,552 shares of the business services provider’s stock worth $1,918,000 after acquiring an additional 20,587 shares during the last quarter. SummerHaven Investment Management LLC purchased a new stake in shares of SYNNEX in the fourth quarter worth about $667,000. Canada Pension Plan Investment Board boosted its position in shares of SYNNEX by 149.4% in the fourth quarter. Canada Pension Plan Investment Board now owns 6,973 shares of the business services provider’s stock worth $568,000 after buying an additional 4,177 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in SYNNEX by 1,281.9% in the fourth quarter. Squarepoint Ops LLC now owns 50,177 shares of the business services provider’s stock valued at $4,086,000 after purchasing an additional 46,546 shares during the last quarter. 75.85% of the stock is currently owned by institutional investors and hedge funds.

SNX stock traded down $1.22 during trading on Thursday, reaching $86.99. 4,255 shares of the stock were exchanged, compared to its average volume of 365,108. The stock has a 50 day simple moving average of $87.37 and a 200-day simple moving average of $116.14. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. SYNNEX has a twelve month low of $21.25 and a twelve month high of $91.62. The company has a market capitalization of $4.49 billion, a P/E ratio of 8.49, a price-to-earnings-growth ratio of 0.98 and a beta of 1.60.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 29th. Investors of record on Friday, January 22nd were issued a $0.20 dividend. The ex-dividend date was Thursday, January 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.92%. SYNNEX’s payout ratio is currently 5.85%.

About SYNNEX

SYNNEX Corporation provides business process services in the United States and internationally. The company distributes peripherals; and information technology systems, including system components, software, networking, communications and security equipment, consumer electronics, and complementary products, as well as designs and integrates data center equipment.

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