Fmr LLC increased its position in Synnex Corporation (NYSE:SNX) by 5.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,587,157 shares of the business services provider’s stock after buying an additional 302,301 shares during the period. Fmr LLC owned 13.99% of Synnex Corporation worth $670,236,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Synnex Corporation by 9,152.6% in the 1st 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 period. Vanguard Group Inc. boosted its stake in Synnex Corporation by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 3,221,813 shares of the business services provider’s stock valued at $386,489,000 after purchasing an additional 71,317 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Synnex Corporation by 9.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,161,347 shares of the business services provider’s stock valued at $130,001,000 after purchasing an additional 104,932 shares during the last quarter. State Street Corp boosted its stake in Synnex Corporation by 1.8% during the 1st quarter. State Street Corp now owns 957,126 shares of the business services provider’s stock valued at $107,135,000 after purchasing an additional 17,173 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Synnex Corporation by 2.3% during the 1st quarter. AQR Capital Management LLC now owns 914,248 shares of the business services provider’s stock valued at $102,341,000 after purchasing an additional 20,828 shares during the last quarter. Institutional investors own 71.26% of the company’s stock.
Synnex Corporation (NYSE SNX) opened at 116.10 on Friday. Synnex Corporation has a 52 week low of $100.06 and a 52 week high of $131.35. The stock has a 50 day moving average price of $116.16 and a 200-day moving average price of $114.82. The stock has a market cap of $4.64 billion, a P/E ratio of 16.66 and a beta of 1.05.
Synnex Corporation (NYSE:SNX) last posted its quarterly earnings results on Thursday, June 22nd. The business services provider reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the prior year, the company posted $1.37 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, equities analysts anticipate that Synnex Corporation will post $8.39 EPS for the current fiscal year.
Synnex Corporation announced that its board has approved a share buyback plan on Thursday, June 22nd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the business services provider to reacquire up to 6.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts have issued reports on the company. Loop Capital assumed coverage on Synnex Corporation in a research note on Thursday, August 24th. They set a “buy” rating and a $140.00 price target for the company. Zacks Investment Research downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. BidaskClub downgraded 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 set a $132.00 price target on shares of Synnex Corporation in a research note on Thursday, August 3rd. Finally, Citigroup Inc. reiterated a “neutral” rating and set a $133.00 price target (up previously from $122.00) on shares of Synnex Corporation in a research note on Sunday, June 25th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $130.00.
In other news, SVP Simon Leung sold 914 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $120.08, for a total transaction of $109,753.12. Following the sale, the senior vice president now owns 26,078 shares in the company, valued at $3,131,446.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $113.66, for a total transaction of $227,320.00. Following the sale, the chief executive officer now owns 142,311 shares in the company, valued at approximately $16,175,068.26. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,854 shares of company stock worth $3,088,504. Corporate insiders own 3.20% of the company’s stock.
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Synnex Corporation 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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