Swiss National Bank increased its holdings in shares of SYNNEX Co. (NYSE:SNX) by 3.1% in the first quarter, HoldingsChannel.com reports. The firm owned 79,285 shares of the business services provider’s stock after acquiring an additional 2,400 shares during the period. Swiss National Bank’s holdings in SYNNEX were worth $7,563,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in SNX. BlackRock Inc. boosted its position in SYNNEX by 31.4% during the 4th quarter. BlackRock Inc. now owns 4,965,381 shares of the business services provider’s stock worth $401,402,000 after purchasing an additional 1,187,745 shares during the period. Dimensional Fund Advisors LP boosted its position in SYNNEX by 44.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,563,670 shares of the business services provider’s stock worth $207,246,000 after purchasing an additional 788,533 shares during the period. Boston Partners boosted its position in SYNNEX by 86.3% during the 4th quarter. Boston Partners now owns 1,521,539 shares of the business services provider’s stock worth $123,002,000 after purchasing an additional 704,910 shares during the period. FMR LLC boosted its position in SYNNEX by 9.4% during the 4th quarter. FMR LLC now owns 6,502,935 shares of the business services provider’s stock worth $525,697,000 after purchasing an additional 558,710 shares during the period. Finally, Norges Bank purchased a new stake in SYNNEX during the 4th quarter worth $44,423,000. 77.45% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on SNX. ValuEngine cut shares of SYNNEX from a “sell” rating to a “strong sell” rating in a research report on Tuesday, March 5th. TheStreet cut shares of SYNNEX from a “b” rating to a “c+” rating in a research report on Tuesday, April 2nd. Zacks Investment Research raised shares of SYNNEX from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Tuesday, March 26th. Raymond James set a $140.00 price objective on shares of SYNNEX and gave the company a “buy” rating in a research report on Thursday, March 28th. Finally, Barrington Research assumed coverage on shares of SYNNEX in a research report on Thursday, April 4th. They issued an “outperform” rating for the company. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned 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 price target of $123.00.
SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Wednesday, March 27th. The business services provider reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.75 by $0.09. The company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.29 billion. SYNNEX had a net margin of 1.75% and a return on equity of 17.78%. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.14 EPS. As a group, sell-side analysts expect that SYNNEX Co. will post 11.91 earnings per share for the current fiscal year.
In other SYNNEX news, SVP Simon Leung sold 1,000 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $100.16, for a total value of $100,160.00. Following the completion of the transaction, the senior vice president now directly owns 23,043 shares of the company’s stock, valued at approximately $2,307,986.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dwight Steffensen sold 1,295 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $100.76, for a total transaction of $130,484.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,553 shares of company stock valued at $2,046,328. 3.20% of the stock is currently owned by corporate insiders.
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SYNNEX Company Profile
SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.
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