Legal & General Group Plc raised its position in Synnex Corporation (NYSE:SNX) by 11.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,040 shares of the business services provider’s stock after buying an additional 3,854 shares during the quarter. Legal & General Group Plc owned approximately 0.10% of Synnex Corporation worth $4,685,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SNX. BlackRock Inc. lifted its stake in Synnex Corporation by 9,152.6% in the first quarter. BlackRock Inc. now owns 3,655,501 shares of the business services provider’s stock valued at $409,198,000 after buying an additional 3,615,993 shares during the last quarter. Kennedy Capital Management Inc. lifted its stake in Synnex Corporation by 74.4% in the first quarter. Kennedy Capital Management Inc. now owns 286,482 shares of the business services provider’s stock valued at $32,069,000 after buying an additional 122,187 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Synnex Corporation by 9.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,161,347 shares of the business services provider’s stock valued at $130,001,000 after buying an additional 104,932 shares during the last quarter. Vanguard Group Inc. lifted 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 valued at $352,667,000 after buying an additional 95,341 shares during the last quarter. Finally, IronBridge Capital Management LP purchased a new stake in Synnex Corporation in the first quarter valued at approximately $5,734,000. Institutional investors own 71.39% of the company’s stock.
In related news, Director Andrea M. Zulberti sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $126.00, for a total value of $315,000.00. Following the sale, the director now directly owns 14,922 shares in the company, valued at approximately $1,880,172. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Dennis Polk sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $120.12, for a total value of $180,180.00. Following the completion of the sale, the chief operating officer now owns 29,968 shares in the company, valued at $3,599,756.16. The disclosure for this sale can be found here. In the last three months, insiders sold 26,172 shares of company stock worth $3,135,754. Company insiders own 3.20% of the company’s stock.
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Synnex Corporation (NYSE SNX) opened at 111.35 on Monday. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 15.98 and a beta of 1.05. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $131.35. The stock has a 50 day moving average price of $117.06 and a 200-day moving average price of $115.04.
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, topping the consensus estimate of $1.79 by $0.29. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.79 billion. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The business’s revenue was up 16.5% on a year-over-year basis. During the same quarter last year, the business posted $1.37 EPS. Equities analysts forecast that Synnex Corporation will post $8.38 earnings per share for the current year.
Synnex Corporation declared that its Board of Directors has initiated a share buyback program on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
A number of equities research analysts have weighed in on the company. Loop Capital assumed coverage on Synnex Corporation in a research note on Thursday, August 24th. They issued a “buy” rating and a $140.00 price objective for the company. Zacks Investment Research cut Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. BidaskClub cut Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $132.00 price objective on shares of Synnex Corporation in a research note on Thursday, August 3rd. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $133.00 price objective (up previously from $122.00) on shares of Synnex Corporation in a research note on Sunday, June 25th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Synnex Corporation presently has an average rating of “Hold” and a consensus price target of $128.57.
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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