Synnex Corporation (SNX) Shares Bought by Goldman Sachs Group Inc.
Goldman Sachs Group Inc. lifted its holdings in Synnex Corporation (NYSE:SNX) by 13.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,315,521 shares of the business services provider’s stock after purchasing an additional 154,174 shares during the quarter. Goldman Sachs Group Inc. owned 3.29% of Synnex Corporation worth $157,810,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in SNX. BNP Paribas Arbitrage SA grew its stake in shares of Synnex Corporation by 126.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,300 shares of the business services provider’s stock valued at $1,835,000 after buying an additional 8,531 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Synnex Corporation by 2.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 190,892 shares of the business services provider’s stock worth $22,900,000 after buying an additional 3,903 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Synnex Corporation by 1,268.6% during the second quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock worth $18,244,000 after buying an additional 140,969 shares during the last quarter. Vanguard Group Inc. increased its holdings in Synnex Corporation by 3.1% during the first quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock worth $352,667,000 after buying an additional 95,341 shares during the last quarter. Finally, Capital Analysts LLC acquired a new position in Synnex Corporation during the second quarter worth $966,000. 71.26% of the stock is currently owned by institutional investors and hedge funds.
SNX has been the subject of a number of recent analyst reports. Citigroup Inc. restated a “neutral” rating and set a $133.00 price objective (up previously from $122.00) on shares of Synnex Corporation in a report on Sunday, June 25th. BidaskClub lowered Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Stifel Nicolaus reissued a “buy” rating and set a $128.00 price target (up from $120.00) on shares of Synnex Corporation in a report on Friday, June 9th. Needham & Company LLC lifted their price target on Synnex Corporation from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, September 26th. Finally, Loop Capital boosted their price target on Synnex Corporation from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Synnex Corporation has an average rating of “Buy” and a consensus price target of $134.86.
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In related news, insider Peter Larocque sold 4,265 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $119.08, for a total transaction of $507,876.20. Following the completion of the sale, the insider now directly owns 14,958 shares in the company, valued at approximately $1,781,198.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Simon Leung sold 759 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $119.77, for a total value of $90,905.43. Following the sale, the senior vice president now owns 25,053 shares of the company’s stock, valued at $3,000,597.81. The disclosure for this sale can be found here. Insiders sold a total of 20,940 shares of company stock valued at $2,483,571 in the last ninety days. 3.20% of the stock is owned by corporate insiders.
Synnex Corporation (NYSE SNX) traded up 0.40% during trading on Monday, reaching $127.01. 26,710 shares of the company’s stock traded hands. Synnex Corporation has a 52-week low of $100.06 and a 52-week high of $131.35. The company’s 50 day moving average is $116.16 and its 200-day moving average is $114.82. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of 18.23 and a beta of 1.08.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings data on Monday, September 25th. The business services provider reported $2.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4 billion. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. Synnex Corporation’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period last year, the firm posted $1.73 EPS. On average, analysts anticipate that Synnex Corporation will post $8.76 earnings per share for the current fiscal year.
Synnex Corporation announced that its board has initiated a stock buyback program on Thursday, June 22nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the business services provider to purchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 13th will be paid a $0.30 dividend. This is a boost from Synnex Corporation’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, October 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.95%. Synnex Corporation’s dividend payout ratio is 13.57%.
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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