Teacher Retirement System of Texas lessened its holdings in shares of SYNNEX Co. (NYSE:SNX) by 7.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,101 shares of the business services provider’s stock after selling 526 shares during the quarter. Teacher Retirement System of Texas’ holdings in SYNNEX were worth $589,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Townsend & Associates Inc bought a new stake in shares of SYNNEX during the 2nd quarter valued at about $108,000. Integre Asset Management LLC boosted its position in shares of SYNNEX by 54.5% during the 1st quarter. Integre Asset Management LLC now owns 1,700 shares of the business services provider’s stock valued at $201,000 after acquiring an additional 600 shares during the last quarter. Csenge Advisory Group bought a new stake in shares of SYNNEX during the 1st quarter valued at about $229,000. PNC Financial Services Group Inc. boosted its position in shares of SYNNEX by 332.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,400 shares of the business services provider’s stock valued at $285,000 after acquiring an additional 1,845 shares during the last quarter. Finally, Visionary Asset Management Inc. bought a new stake in shares of SYNNEX during the 2nd quarter valued at about $290,000. Hedge funds and other institutional investors own 71.53% of the company’s stock.
NYSE:SNX opened at $95.36 on Wednesday. The company has a market capitalization of $3.84 billion, a P/E ratio of 10.24 and a beta of 0.86. SYNNEX Co. has a 1-year low of $93.80 and a 1-year high of $141.94. The company has a quick ratio of 0.91, a current ratio of 1.49 and a debt-to-equity ratio of 0.48.
SYNNEX (NYSE:SNX) last released its earnings results on Thursday, June 28th. The business services provider reported $2.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.30 by $0.08. The company had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.66 billion. SYNNEX had a return on equity of 16.69% and a net margin of 1.49%. SYNNEX’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.08 EPS. equities analysts forecast that SYNNEX Co. will post 10.1 EPS for the current fiscal year.
In other SYNNEX news, CFO Marshall Witt sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $96.47, for a total value of $57,882.00. Following the completion of the sale, the chief financial officer now owns 18,410 shares in the company, valued at $1,776,012.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Simon Leung sold 557 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $100.01, for a total value of $55,705.57. Following the completion of the sale, the senior vice president now owns 20,780 shares of the company’s stock, valued at approximately $2,078,207.80. The disclosure for this sale can be found here. Insiders sold a total of 5,457 shares of company stock valued at $525,465 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.
A number of analysts have recently issued reports on SNX shares. Zacks Investment Research downgraded SYNNEX from a “hold” rating to a “sell” rating in a research report on Wednesday, May 30th. Cross Research downgraded SYNNEX from a “buy” rating to a “hold” rating in a research report on Friday, June 29th. Pivotal Research dropped their target price on SYNNEX from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, June 29th. ValuEngine downgraded SYNNEX from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 26th. Finally, Stifel Nicolaus dropped their target price on SYNNEX from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, June 29th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $141.14.
SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.
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