Ameriprise Financial Inc. trimmed its position in Synnex Corporation (NYSE:SNX) by 0.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 271,548 shares of the business services provider’s stock after selling 250 shares during the period. Ameriprise Financial Inc. owned 0.68% of Synnex Corporation worth $32,574,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. BNP Paribas Arbitrage SA grew its stake in Synnex Corporation by 126.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,300 shares of the business services provider’s stock worth $1,835,000 after purchasing an additional 8,531 shares during the period. Victory Capital Management Inc. grew its stake in Synnex Corporation by 1,268.6% in the second quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock worth $18,244,000 after purchasing an additional 140,969 shares during the period. Vanguard Group Inc. grew its stake in Synnex Corporation by 3.1% in the first quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock worth $352,667,000 after purchasing an additional 95,341 shares during the period. Clinton Group Inc. purchased a new stake in Synnex Corporation in the first quarter worth $1,116,000. Finally, Jane Street Group LLC purchased a new stake in Synnex Corporation in the first quarter worth $228,000. 71.26% of the stock is currently owned by institutional investors.
Several equities research analysts recently weighed in on SNX shares. BidaskClub raised Synnex Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Stifel Nicolaus reissued a “buy” rating and issued a $128.00 target price (up from $120.00) on shares of Synnex Corporation in a report on Friday, June 9th. Loop Capital started coverage on Synnex Corporation in a report on Thursday, August 24th. They issued a “buy” rating and a $140.00 target price on the stock. Zacks Investment Research raised Synnex Corporation from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a report on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $135.00 target price on shares of Synnex Corporation in a report on Monday, September 18th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $130.00.
Shares of Synnex Corporation (SNX) opened at 116.10 on Monday. The firm has a 50-day moving average price of $116.16 and a 200 day moving average price of $114.82. The company has a market capitalization of $4.64 billion, a P/E ratio of 16.66 and a beta of 1.05. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $131.35.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings results on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same period last year, the business posted $1.37 EPS. The business’s revenue was up 16.5% compared to the same quarter last year. On average, equities research analysts predict that Synnex Corporation will post $8.39 earnings per share for the current year.
Synnex Corporation declared that its Board of Directors has authorized a stock buyback program on Thursday, June 22nd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the business services provider to purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director Andrea M. Zulberti sold 2,500 shares of the business’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $126.00, for a total transaction of $315,000.00. Following the transaction, the director now directly owns 14,922 shares in the company, valued at approximately $1,880,172. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Simon Leung sold 914 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $120.08, for a total value of $109,753.12. Following the transaction, the senior vice president now owns 26,078 shares in the company, valued at $3,131,446.24. The disclosure for this sale can be found here. Insiders sold a total of 25,854 shares of company stock worth $3,088,504 over the last quarter. Company insiders own 3.20% of the company’s stock.
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Synnex Corporation Company Profile
Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.
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