SYNNEX Co. (SNX) Position Boosted by BlackRock Inc.

BlackRock Inc. increased its position in shares of SYNNEX Co. (NYSE:SNX) by 0.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,684,947 shares of the business services provider’s stock after buying an additional 15,558 shares during the period. BlackRock Inc. owned 9.28% of SYNNEX worth $355,633,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mutual of America Capital Management LLC boosted its position in SYNNEX by 23.5% during the second quarter. Mutual of America Capital Management LLC now owns 112,150 shares of the business services provider’s stock worth $10,824,000 after purchasing an additional 21,323 shares during the period. Martingale Asset Management L P boosted its position in SYNNEX by 49.8% during the second quarter. Martingale Asset Management L P now owns 45,405 shares of the business services provider’s stock worth $4,383,000 after purchasing an additional 15,102 shares during the period. Wesbanco Bank Inc. boosted its position in SYNNEX by 46.3% during the second quarter. Wesbanco Bank Inc. now owns 13,503 shares of the business services provider’s stock worth $1,303,000 after purchasing an additional 4,271 shares during the period. Paradigm Capital Management Inc. NY boosted its position in SYNNEX by 58.2% during the second quarter. Paradigm Capital Management Inc. NY now owns 84,500 shares of the business services provider’s stock worth $8,155,000 after purchasing an additional 31,100 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in SYNNEX by 12.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 248,041 shares of the business services provider’s stock worth $23,939,000 after purchasing an additional 27,835 shares during the period. Institutional investors and hedge funds own 71.66% of the company’s stock.

In related news, SVP Simon Leung sold 557 shares of the company’s stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $100.01, for a total transaction 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 $2,078,207.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Marshall Witt sold 300 shares of the company’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $95.79, for a total transaction of $28,737.00. Following the sale, the chief financial officer now directly owns 19,010 shares of the company’s stock, valued at approximately $1,820,967.90. The disclosure for this sale can be found here. In the last three months, insiders sold 8,057 shares of company stock valued at $775,749. 3.20% of the stock is currently owned by company insiders.

Shares of SYNNEX stock opened at $95.00 on Friday. The stock has a market capitalization of $3.76 billion, a PE ratio of 10.72 and a beta of 0.86. SYNNEX Co. has a 52-week low of $93.77 and a 52-week high of $141.94. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.49 and a quick ratio of 0.91.

SYNNEX (NYSE:SNX) last announced its earnings results on Thursday, June 28th. The business services provider reported $2.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.30 by $0.08. The company had revenue of $4.97 billion during the quarter, compared to analysts’ expectations of $4.66 billion. SYNNEX had a net margin of 1.49% and a return on equity of 16.69%. SYNNEX’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.08 earnings per share. analysts anticipate that SYNNEX Co. will post 10.1 earnings per share for the current year.

SNX has been the subject of a number of research analyst reports. TheStreet raised shares of SYNNEX from a “c+” rating to a “b” rating in a research report on Friday, June 29th. Stifel Nicolaus reduced their target price on shares of SYNNEX from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, June 29th. Pivotal Research reduced their target price on shares of SYNNEX from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, June 29th. Zacks Investment Research raised shares of SYNNEX from a “sell” rating to a “hold” rating in a research report on Tuesday, June 5th. Finally, Cross Research cut shares of SYNNEX from a “buy” rating to a “hold” rating in a research report on Friday, June 29th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. SYNNEX currently has an average rating of “Hold” and a consensus price target of $141.14.

SYNNEX Profile

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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Institutional Ownership by Quarter for SYNNEX (NYSE:SNX)

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