SYNNEX (NYSE:SNX) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

SYNNEX (NYSE:SNX) released its quarterly earnings data on Tuesday. The business services provider reported $2.14 EPS for the quarter, topping the consensus estimate of $2.07 by $0.07, MarketWatch Earnings reports. The company had revenue of $5.21 billion during the quarter, compared to the consensus estimate of $14.22 billion. SYNNEX had a return on equity of 19.97% and a net margin of 2.15%. SYNNEX’s revenue for the quarter was down 19.5% on a year-over-year basis. During the same period last year, the company earned $3.33 EPS. SYNNEX updated its Q4 guidance to $2.50-2.80 EPS and its Q4 2021 guidance to $2.500-$2.800 EPS.

Shares of NYSE SNX opened at $105.53 on Wednesday. SYNNEX has a twelve month low of $52.65 and a twelve month high of $130.93. The company has a current ratio of 1.70, a quick ratio of 1.07 and a debt-to-equity ratio of 0.66. The stock has a fifty day simple moving average of $121.03 and a 200-day simple moving average of $120.42. The stock has a market capitalization of $5.48 billion, a PE ratio of 10.34, a PEG ratio of 1.40 and a beta of 1.72.

In other news, Director Dwight Steffensen sold 300 shares of the business’s stock in a transaction dated Tuesday, July 20th. The stock was sold at an average price of $113.78, for a total value of $34,134.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin M. Murai sold 4,275 shares of the business’s stock in a transaction dated Thursday, July 15th. The shares were sold at an average price of $114.81, for a total value of $490,812.75. Following the completion of the sale, the director now directly owns 8,859 shares of the company’s stock, valued at $1,017,101.79. The disclosure for this sale can be found here. Insiders sold 18,898 shares of company stock valued at $2,295,921 over the last ninety days. Insiders own 3.00% of the company’s stock.

A hedge fund recently raised its stake in SYNNEX stock. Morgan Stanley increased its position in SYNNEX Co. (NYSE:SNX) by 125.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,561 shares of the business services provider’s stock after acquiring an additional 80,957 shares during the period. Morgan Stanley owned approximately 0.28% of SYNNEX worth $17,723,000 as of its most recent SEC filing. 76.09% of the stock is owned by institutional investors.

A number of research firms have issued reports on SNX. Raymond James boosted their price target on SYNNEX from $125.00 to $140.00 and gave the company a “strong-buy” rating in a research note on Friday, June 25th. Barrington Research boosted their target price on SYNNEX from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Monday, June 28th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $131.00.

About SYNNEX

SYNNEX Corp. engages in the provision of distribution, logistics and integration services for the technology industry. It operates through the following segments: Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals, IT systems including data center server and storage solutions, system components, software, networking equipment, consumer electronics, and complementary products.

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Earnings History for SYNNEX (NYSE:SNX)

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