SYNNEX (NYSE:SNX) Updates Q3 2020 After-Hours Earnings Guidance

SYNNEX (NYSE:SNX) issued an update on its third quarter 2020
After-Hours earnings guidance on Thursday morning. The company provided EPS guidance of 2.00-2.50 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.15. The company issued revenue guidance of $5.5-5.9 billion, compared to the consensus revenue estimate of $5.38 billion.SYNNEX also updated its Q3 guidance to $2.00-2.50 EPS.

Shares of SYNNEX stock opened at $116.48 on Friday. The firm has a market capitalization of $6.00 billion, a P/E ratio of 12.57, a PEG ratio of 1.41 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 company has a 50 day moving average price of $101.67 and a 200 day moving average price of $111.09. SYNNEX has a 52 week low of $52.06 and a 52 week high of $153.07.

SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Thursday, June 25th. The business services provider reported $1.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.77) by $2.60. The firm had revenue of $5.53 billion during 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%. SYNNEX’s revenue was down 3.3% on a year-over-year basis. During the same period last year, the firm posted $2.86 EPS. As a group, research analysts anticipate that SYNNEX will post 8.8 earnings per share for the current fiscal year.

SNX has been the subject of a number of recent research reports. Cross Research lowered shares of SYNNEX from a buy rating to a hold rating in a research report on Wednesday, March 25th. Barrington Research raised their price target on shares of SYNNEX from $115.00 to $125.00 and gave the stock an outperform rating in a research report on Friday. Citigroup raised their price target on shares of SYNNEX from $130.00 to $150.00 and gave the stock a buy rating in a research report on Friday. Loop Capital raised their price target on shares of SYNNEX from $130.00 to $140.00 and gave the stock a buy rating in a research report on Friday. Finally, TheStreet lowered shares of SYNNEX from a b- rating to a c rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $130.86.

In other news, Director Kevin M. Murai sold 2,500 shares of SYNNEX stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $109.13, for a total transaction of $272,825.00. Following the completion of the transaction, the director now directly owns 12,065 shares of the company’s stock, valued at approximately $1,316,653.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Dwight Steffensen sold 366 shares of SYNNEX stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $71.56, for a total transaction of $26,190.96. Following 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 have bought 61,000 shares of company stock valued at $4,370,700 and have sold 7,936 shares valued at $798,288. 2.80% of the stock is owned by insiders.

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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