Brokerages Anticipate SYNNEX Co. (NYSE:SNX) Will Announce Quarterly Sales of $4.91 Billion

Equities research analysts expect that SYNNEX Co. (NYSE:SNX) will announce $4.91 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for SYNNEX’s earnings, with the highest sales estimate coming in at $4.95 billion and the lowest estimate coming in at $4.89 billion. SYNNEX reported sales of $5.53 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 11.2%. The business is expected to report its next quarterly earnings results on Thursday, June 24th.

On average, analysts expect that SYNNEX will report full year sales of $20.21 billion for the current financial year, with estimates ranging from $20.08 billion to $20.44 billion. For the next financial year, analysts forecast that the company will post sales of $20.21 billion, with estimates ranging from $19.37 billion to $21.01 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that cover SYNNEX.

SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Sunday, March 21st. The business services provider reported $1.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.69 by $0.20. The company had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.70 billion. SYNNEX had a net margin of 2.14% and a return on equity of 17.47%. The firm’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.26 EPS.

Several equities research analysts have commented on the stock. Cross Research downgraded shares of SYNNEX from a “buy” rating to a “hold” rating in a report on Thursday, January 7th. Smith Barney Citigroup upped their price objective on shares of SYNNEX from $95.00 to $100.00 in a report on Tuesday, January 12th. Barrington Research upped their price objective on shares of SYNNEX from $102.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, March 23rd. Loop Capital upped their price objective on shares of SYNNEX from $108.00 to $132.00 and gave the company a “buy” rating in a report on Monday, March 29th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price objective on shares of SYNNEX from $95.00 to $100.00 in a report on Tuesday, January 12th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. SYNNEX has an average rating of “Buy” and an average price target of $122.11.

Shares of NYSE:SNX traded down $0.92 during midday trading on Thursday, reaching $121.96. The company had a trading volume of 158,349 shares, compared to its average volume of 358,114. The stock has a market cap of $6.32 billion, a P/E ratio of 11.96, a P/E/G ratio of 0.98 and a beta of 1.60. SYNNEX has a 52-week low of $34.14 and a 52-week high of $126.55. The company has a current ratio of 1.56, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. The company’s 50 day moving average price is $117.18 and its 200 day moving average price is $108.38.

The business also recently declared a quarterly dividend, which was paid on Friday, April 30th. Stockholders of record on Friday, April 16th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.66%. The ex-dividend date of this dividend was Thursday, April 15th. SYNNEX’s dividend payout ratio is presently 5.85%.

In other news, Director Kevin M. Murai sold 5,000 shares of the company’s stock in a transaction dated Thursday, April 1st. The stock was sold at an average price of $116.59, for a total transaction of $582,950.00. Following the sale, the director now directly owns 8,802 shares in the company, valued at $1,026,225.18. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 7th. The stock was sold at an average price of $120.50, for a total transaction of $241,000.00. Following the completion of the transaction, the director now owns 8,802 shares in the company, valued at $1,060,641. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,467 shares of company stock worth $3,395,483. Company insiders own 2.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of SNX. SummerHaven Investment Management LLC bought a new position in shares of SYNNEX in the fourth quarter worth approximately $667,000. Nordea Investment Management AB increased its position in shares of SYNNEX by 960.5% in the fourth quarter. Nordea Investment Management AB now owns 636,481 shares of the business services provider’s stock worth $51,835,000 after purchasing an additional 576,465 shares during the last quarter. Norges Bank bought a new position in shares of SYNNEX in the fourth quarter worth approximately $36,500,000. JPMorgan Chase & Co. increased its position in shares of SYNNEX by 24.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,951,630 shares of the business services provider’s stock worth $158,941,000 after purchasing an additional 384,351 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of SYNNEX by 113.6% in the fourth quarter. First Trust Advisors LP now owns 520,830 shares of the business services provider’s stock worth $42,416,000 after purchasing an additional 276,958 shares during the last quarter. Institutional investors own 75.85% of the company’s stock.

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.

See Also: What is the strike price in options trading?

Get a free copy of the Zacks research report on SYNNEX (SNX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for SYNNEX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYNNEX and related companies with MarketBeat.com's FREE daily email newsletter.