SYNNEX (NYSE:SNX) Releases Earnings Results, Beats Expectations By $2.60 EPS

SYNNEX (NYSE:SNX) announced its earnings results on Thursday. The business services provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $2.60, MarketWatch Earnings reports. The firm had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.17 billion. SYNNEX had a net margin of 2.03% and a return on equity of 17.39%. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.86 EPS. 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 SYNNEX stock opened at $116.48 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.00 and a current ratio of 1.64. The stock has a market capitalization of $6.00 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 1.41 and a beta of 1.53. SYNNEX has a 52-week low of $52.06 and a 52-week high of $153.07. The company has a 50-day simple moving average of $101.67 and a two-hundred day simple moving average of $111.09.

In other news, major shareholder Star Developments Ltd Silver bought 10,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was acquired at an average cost of $71.47 per share, with a total value of $714,700.00. Following the completion of the acquisition, the insider now owns 5,299,980 shares of the company’s stock, valued at $378,789,570.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dwight Steffensen sold 366 shares of SYNNEX stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $71.56, for a total transaction of $26,190.96. Following the completion of the transaction, the director now directly 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 ninety days, insiders acquired 61,000 shares of company stock valued at $4,370,700 and sold 7,936 shares valued at $798,288. 2.80% of the stock is currently owned by insiders.

A number of brokerages have recently weighed in on SNX. Raymond James lifted their target price on shares of SYNNEX from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research note on Friday. Loop Capital lifted their price target on shares of SYNNEX from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Friday. Zacks Investment Research raised shares of SYNNEX from a “sell” rating to a “strong-buy” rating and set a $111.00 price target for the company in a research report on Wednesday, May 27th. Cross Research cut shares of SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday, March 25th. Finally, ValuEngine cut shares of SYNNEX from a “sell” rating to a “strong sell” rating in a research report on Monday, May 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $130.86.

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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