Synnex Corporation (SNX) Stake Lessened by Martingale Asset Management L P
Martingale Asset Management L P cut its holdings in shares of Synnex Corporation (NYSE:SNX) by 26.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,510 shares of the business services provider’s stock after selling 19,612 shares during the period. Martingale Asset Management L P owned 0.13% of Synnex Corporation worth $6,420,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. US Bancorp DE increased its position in shares of Synnex Corporation by 34.3% during the first quarter. US Bancorp DE now owns 1,112 shares of the business services provider’s stock worth $124,000 after purchasing an additional 284 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Synnex Corporation by 9.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock worth $135,000 after purchasing an additional 96 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Synnex Corporation by 8.8% during the first quarter. PNC Financial Services Group Inc. now owns 1,310 shares of the business services provider’s stock worth $147,000 after purchasing an additional 106 shares in the last quarter. Invictus RG acquired a new position in shares of Synnex Corporation during the first quarter worth $196,000. Finally, Ronald Blue & Co. LLC acquired a new position in shares of Synnex Corporation during the second quarter worth $203,000. 71.39% of the stock is currently owned by institutional investors and hedge funds.
Synnex Corporation (NYSE SNX) opened at 115.07 on Wednesday. The company has a 50 day moving average price of $116.89 and a 200 day moving average price of $114.94. The firm has a market capitalization of $4.60 billion, a P/E ratio of 16.51 and a beta of 1.05. Synnex Corporation has a 52-week low of $100.06 and a 52-week high of $131.35.
Synnex Corporation (NYSE:SNX) last released its quarterly earnings data on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the previous year, the company earned $1.37 EPS. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, equities analysts forecast that Synnex Corporation will post $8.38 EPS for the current fiscal year.
Synnex Corporation announced that its Board of Directors has approved a stock buyback program on Thursday, June 22nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the business services provider to purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of brokerages have recently issued reports on SNX. Citigroup Inc. reaffirmed a “neutral” rating and set a $133.00 price target (up from $122.00) on shares of Synnex Corporation in a research report on Sunday, June 25th. BidaskClub downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $128.00 price target (up from $120.00) on shares of Synnex Corporation in a research report on Friday, June 9th. Loop Capital assumed coverage on Synnex Corporation in a research report on Thursday, August 24th. They issued a “buy” rating and a $140.00 target price on the stock. Finally, Zacks Investment Research downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $128.57.
In related news, COO Dennis Polk sold 1,500 shares of Synnex Corporation stock in a transaction on Friday, September 1st. The shares were sold at an average price of $115.06, for a total transaction of $172,590.00. Following the sale, the chief operating officer now directly owns 25,968 shares in the company, valued at approximately $2,987,878.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrea M. Zulberti sold 2,500 shares of Synnex Corporation 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 sale, the director now owns 14,922 shares in the company, valued at $1,880,172. The disclosure for this sale can be found here. Insiders have sold a total of 24,172 shares of company stock worth $2,900,934 over the last quarter. 3.20% of the stock is owned by company insiders.
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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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