Synnex Corp. (NYSE:SNX) updated its fourth quarter earnings guidance on Monday. The company provided EPS guidance of $2.06-2.11 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.91. The company issued revenue guidance of $3.83-3.93 billion, compared to the consensus revenue estimate of $3.79 billion.
Several research firms recently issued reports on SNX. Zacks Investment Research upgraded Synnex Corp. from a hold rating to a buy rating and set a $117.00 price target for the company in a research note on Friday, September 9th. Raymond James Financial Inc. reaffirmed a market perform rating on shares of Synnex Corp. in a report on Friday, July 15th. Brean Capital reaffirmed a buy rating and issued a $108.00 price objective (up from $97.00) on shares of Synnex Corp. in a report on Friday, June 24th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Synnex Corp. in a report on Friday, June 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $100.60.
Shares of Synnex Corp. (NYSE:SNX) traded down 0.47% during trading on Monday, reaching $106.18. The company’s stock had a trading volume of 280,992 shares. Synnex Corp. has a 12-month low of $75.87 and a 12-month high of $108.31. The stock has a market cap of $4.22 billion, a P/E ratio of 21.03 and a beta of 1.04. The stock’s 50-day moving average is $104.67 and its 200-day moving average is $94.92.
Synnex Corp. (NYSE:SNX) last announced its quarterly earnings data on Monday, September 26th. The company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.17. Synnex Corp. had a return on equity of 13.22% and a net margin of 1.50%. The business earned $3.67 billion during the quarter, compared to analyst estimates of $3.49 billion. During the same period in the prior year, the company earned $1.47 earnings per share. Synnex Corp.’s revenue was up 10.1% compared to the same quarter last year. Equities research analysts anticipate that Synnex Corp. will post $6.23 earnings per share for the current fiscal year.
In other Synnex Corp. news, COO Dennis Polk sold 2,000 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $93.71, for a total transaction of $187,420.00. Following the completion of the transaction, the chief operating officer now directly owns 63,130 shares of the company’s stock, valued at $5,915,912.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Kevin M. Murai sold 16,500 shares of the stock in a transaction on Friday, July 1st. The shares were sold at an average price of $94.18, for a total value of $1,553,970.00. Following the transaction, the chief executive officer now directly owns 138,234 shares of the company’s stock, valued at $13,018,878.12. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised its position in Synnex Corp. by 101.4% in the second quarter. AQR Capital Management LLC now owns 589,587 shares of the company’s stock worth $55,905,000 after buying an additional 296,882 shares during the last quarter. Paloma Partners Management Co raised its position in Synnex Corp. by 415.4% in the second quarter. Paloma Partners Management Co now owns 15,056 shares of the company’s stock worth $1,427,000 after buying an additional 12,135 shares during the last quarter. KCG Holdings Inc. raised its position in Synnex Corp. by 156.7% in the second quarter. KCG Holdings Inc. now owns 6,449 shares of the company’s stock worth $611,000 after buying an additional 3,937 shares during the last quarter. Pacer Advisors Inc. bought a new position in Synnex Corp. during the second quarter worth approximately $175,000. Finally, Paradigm Asset Management Co. LLC raised its position in Synnex Corp. by 14.8% in the second quarter. Paradigm Asset Management Co. LLC now owns 3,100 shares of the company’s stock worth $294,000 after buying an additional 400 shares during the last quarter. 75.41% of the stock is owned by institutional investors and hedge funds.
About Synnex Corp.
SYNNEX Corporation is a process services company. The Company offers a range of services to resellers, retailers, original equipment manufacturers (OEMs), financial and insurance institutions, and other industry verticals across the world. The Company operates in two segments: Technology Solutions and Concentrix.
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