First Trust Advisors LP Decreases Position in Synnex Corp. (SNX)
First Trust Advisors LP lowered its stake in shares of Synnex Corp. (NYSE:SNX) by 27.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,498 shares of the company’s stock after selling 10,511 shares during the period. First Trust Advisors LP owned approximately 0.07% of Synnex Corp. worth $2,607,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in Synnex Corp. by 834.4% in the first quarter. JPMorgan Chase & Co. now owns 517,500 shares of the company’s stock worth $47,915,000 after buying an additional 462,117 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Synnex Corp. by 168.8% in the first quarter. Goldman Sachs Group Inc. now owns 475,837 shares of the company’s stock worth $44,058,000 after buying an additional 298,824 shares in the last quarter. Emerald Acquisition Ltd. acquired a new stake in Synnex Corp. during the second quarter worth $22,606,000. Hillcrest Asset Management LLC acquired a new stake in Synnex Corp. during the first quarter worth $11,128,000. Finally, Prudential Financial Inc. raised its stake in Synnex Corp. by 62.8% in the first quarter. Prudential Financial Inc. now owns 217,470 shares of the company’s stock worth $20,135,000 after buying an additional 83,890 shares in the last quarter. Hedge funds and other institutional investors own 75.41% of the company’s stock.
Synnex Corp. (NYSE:SNX) traded down 0.38% on Tuesday, hitting $103.73. 198,162 shares of the stock were exchanged. Synnex Corp. has a 12 month low of $75.87 and a 12 month high of $108.03. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 20.54 and a beta of 1.04. The company has a 50-day moving average of $104.12 and a 200-day moving average of $94.64.
Synnex Corp. (NYSE:SNX) last announced its earnings results on Thursday, June 23rd. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.06. The firm had revenue of $3.38 billion for the quarter. Synnex Corp. had a net margin of 1.50% and a return on equity of 13.22%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.55 EPS. On average, equities analysts predict that Synnex Corp. will post $6.23 EPS for the current year.
A number of equities research analysts recently weighed in on SNX shares. Zacks Investment Research lowered shares of Synnex Corp. from a “buy” rating to a “hold” rating in a report on Saturday, August 6th. Raymond James Financial Inc. restated a “market perform” rating on shares of Synnex Corp. in a report on Saturday, June 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Synnex Corp. in a research report on Friday, June 24th. Finally, Brean Capital reaffirmed a “buy” rating and issued a $108.00 price objective (up from $97.00) on shares of Synnex Corp. in a research report on Friday, June 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $100.60.
In related news, SVP Simon Leung sold 1,000 shares of Synnex Corp. stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $93.71, for a total transaction of $93,710.00. Following the completion of the transaction, the senior vice president now directly owns 25,786 shares of the company’s stock, valued at approximately $2,416,406.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Kevin M. Murai sold 16,500 shares of Synnex Corp. stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $94.18, for a total transaction of $1,553,970.00. Following the transaction, the chief executive officer now directly owns 138,234 shares of the company’s stock, valued at $13,018,878.12. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.
About Synnex Corp.
SYNNEX Corporation is a process services company. The Company offers a range of services to resellers, retailers, original equipment manufacturers (OEMs), financial and insurance institutions, and other industry verticals across the world. The Company operates in two segments: Technology Solutions and Concentrix.
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