SYNNEX (NYSE:SNX) Posts Earnings Results, Beats Estimates By $2.60 EPS

SYNNEX (NYSE:SNX) posted its quarterly earnings results on Thursday. The business services provider reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $2.60, MarketWatch Earnings reports. SYNNEX had a return on equity of 19.04% and a net margin of 2.26%. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.17 billion. During the same quarter in the prior year, the company earned $2.86 EPS. The business’s revenue was down 3.3% compared to the same quarter last year. SYNNEX updated its Q3 2020
After-Hours guidance to 2.00-2.50 EPS and its Q3 guidance to $2.00-2.50 EPS.

Shares of NYSE:SNX opened at $101.68 on Friday. SYNNEX has a 52-week low of $52.06 and a 52-week high of $153.07. The stock has a market cap of $5.28 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 1.21 and a beta of 1.53. The company has a quick ratio of 1.00, a current ratio of 1.64 and a debt-to-equity ratio of 0.70. The business has a 50-day moving average price of $101.35 and a 200-day moving average price of $111.21.

In other news, Director Kevin M. Murai sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $109.13, for a total value of $272,825.00. Following the completion of the transaction, the director now directly owns 12,065 shares in the company, valued at $1,316,653.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dwight Steffensen sold 366 shares of the firm’s stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $71.56, for a total value of $26,190.96. Following the completion of the transaction, the director now owns 188,222 shares of the company’s stock, valued at $13,469,166.32. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 61,000 shares of company stock valued at $4,370,700 and sold 7,936 shares valued at $798,288. Company insiders own 2.80% of the company’s stock.

A number of equities research analysts recently weighed in on SNX shares. TheStreet downgraded SYNNEX from a “b-” rating to a “c” rating in a research report on Monday, March 30th. Cross Research downgraded SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday, March 25th. ValuEngine downgraded SYNNEX from a “sell” rating to a “strong sell” rating in a research report on Monday, May 18th. Raymond James dropped their price objective on SYNNEX from $165.00 to $120.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 25th. Finally, Barrington Research raised their price objective on SYNNEX from $96.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. SYNNEX currently has a consensus rating of “Buy” and an average target price of $129.00.

About SYNNEX

SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.

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Earnings History for SYNNEX (NYSE:SNX)

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