SYNNEX (NYSE:SNX) Posts Earnings Results, Beats Estimates By $0.18 EPS

SYNNEX (NYSE:SNX) posted its quarterly earnings data on Monday. The business services provider reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.68 by $0.18, MarketWatch Earnings reports. The business had revenue of $15.61 billion for the quarter, compared to analyst estimates of $15.52 billion. SYNNEX had a return on equity of 20.84% and a net margin of 2.10%. The business’s revenue for the quarter was up 110.6% compared to the same quarter last year. During the same quarter last year, the company earned $5.21 earnings per share.

Shares of NYSE SNX traded up $2.71 during midday trading on Wednesday, hitting $110.17. The stock had a trading volume of 2,089 shares, compared to its average volume of 390,160. The company has a market capitalization of $10.58 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 1.07 and a beta of 1.71. SYNNEX has a 1-year low of $80.36 and a 1-year high of $130.93. The company has a quick ratio of 1.68, a current ratio of 2.40 and a debt-to-equity ratio of 1.72. The company has a fifty day moving average price of $110.88 and a 200 day moving average price of $114.38.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 28th. Stockholders of record on Friday, January 21st will be paid a $0.30 dividend. This is a positive change from SYNNEX’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Thursday, January 20th. SYNNEX’s payout ratio is currently 8.49%.

In other news, insider Dennis Polk sold 1,300 shares of SYNNEX stock in a transaction dated Monday, November 1st. The stock was sold at an average price of $106.82, for a total value of $138,866.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ann F. Vezina sold 1,055 shares of the firm’s stock in a transaction dated Friday, October 29th. The shares were sold at an average price of $104.89, for a total value of $110,658.95. The disclosure for this sale can be found here. Insiders sold a total of 3,655 shares of company stock worth $385,089 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Jane Street Group LLC raised its holdings in shares of SYNNEX by 1,930.2% during the 3rd quarter. Jane Street Group LLC now owns 4,710 shares of the business services provider’s stock valued at $490,000 after buying an additional 4,478 shares during the period. Millennium Management LLC raised its holdings in shares of SYNNEX by 6.9% during the 3rd quarter. Millennium Management LLC now owns 6,610 shares of the business services provider’s stock valued at $688,000 after buying an additional 425 shares during the period. Finally, Morgan Stanley raised its holdings in shares of SYNNEX by 125.3% during the 2nd quarter. Morgan Stanley now owns 145,561 shares of the business services provider’s stock valued at $17,723,000 after buying an additional 80,957 shares during the period. Institutional investors and hedge funds own 76.09% of the company’s stock.

A number of research firms recently commented on SNX. Cross Research raised SYNNEX from a “hold” rating to a “buy” rating and set a $124.00 price objective on the stock in a research note on Wednesday. Northcoast Research began coverage on SYNNEX in a research note on Thursday, December 16th. They set a “buy” rating and a $136.00 price objective on the stock. Zacks Investment Research lowered SYNNEX from a “buy” rating to a “hold” rating and set a $114.00 price target on the stock. in a research note on Tuesday, November 30th. Barrington Research decreased their price target on SYNNEX from $140.00 to $128.00 and set an “outperform” rating on the stock in a research note on Thursday, September 30th. Finally, Loop Capital raised their price target on SYNNEX from $165.00 to $175.00 in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, SYNNEX presently has a consensus rating of “Buy” and an average price target of $139.67.

About SYNNEX

TD 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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