$4.87 Billion in Sales Expected for Synnex Corporation (SNX) This Quarter
Wall Street brokerages predict that Synnex Corporation (NYSE:SNX) will announce sales of $4.87 billion for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Synnex’s earnings. The lowest sales estimate is $4.86 billion and the highest is $4.90 billion. Synnex posted sales of $3.89 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 25.2%. The company is expected to report its next quarterly earnings report after the market closes on Tuesday, January 9th.
On average, analysts expect that Synnex will report full year sales of $4.87 billion for the current financial year, with estimates ranging from $16.59 billion to $16.63 billion. For the next financial year, analysts forecast that the company will report sales of $18.74 billion per share, with estimates ranging from $18.53 billion to $19.02 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Synnex.
A number of equities analysts have commented on SNX shares. Zacks Investment Research cut shares of Synnex from a “buy” rating to a “hold” rating in a research report on Tuesday, November 28th. Pivotal Research started coverage on shares of Synnex in a research report on Friday, October 6th. They set a “hold” rating and a $137.00 price objective for the company. SunTrust Banks started coverage on shares of Synnex in a research report on Thursday, December 7th. They set a “buy” rating and a $145.00 price objective for the company. Needham & Company LLC lifted their price objective on shares of Synnex from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, September 26th. Finally, ValuEngine raised shares of Synnex from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $136.22.
Synnex (NYSE:SNX) traded down $1.22 during trading hours on Thursday, hitting $139.04. 146,109 shares of the company traded hands, compared to its average volume of 134,680. The company has a quick ratio of 0.80, a current ratio of 1.61 and a debt-to-equity ratio of 0.25. Synnex has a twelve month low of $101.48 and a twelve month high of $141.94. The company has a market capitalization of $5,556.73, a PE ratio of 16.11 and a beta of 1.08.
In other news, Director Thomas S. Wurster sold 300 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $134.05, for a total value of $40,215.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Dennis Polk sold 1,500 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $135.39, for a total transaction of $203,085.00. Following the completion of the sale, the chief operating officer now directly owns 20,374 shares of the company’s stock, valued at approximately $2,758,435.86. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,900 shares of company stock valued at $1,311,132. Company insiders own 3.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Globeflex Capital L P boosted its position in shares of Synnex by 0.3% in the second quarter. Globeflex Capital L P now owns 3,531 shares of the business services provider’s stock valued at $424,000 after acquiring an additional 10 shares during the period. Affinity Wealth Management boosted its position in shares of Synnex by 1.9% in the second quarter. Affinity Wealth Management now owns 1,869 shares of the business services provider’s stock valued at $224,000 after acquiring an additional 34 shares during the period. Amalgamated Bank boosted its position in shares of Synnex by 1.5% in the second quarter. Amalgamated Bank now owns 4,164 shares of the business services provider’s stock valued at $500,000 after acquiring an additional 60 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Synnex by 9.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock valued at $135,000 after acquiring an additional 96 shares during the period. Finally, Cubist Systematic Strategies LLC raised its stake in Synnex by 1.8% in the second quarter. Cubist Systematic Strategies LLC now owns 5,972 shares of the business services provider’s stock valued at $716,000 after purchasing an additional 106 shares in the last quarter. 71.68% of the stock is owned by institutional investors.
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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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