ARP Americas LP Reduces Position in SYNNEX Co. (NYSE:SNX)

ARP Americas LP decreased its position in shares of SYNNEX Co. (NYSE:SNX) by 56.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,546 shares of the business services provider’s stock after selling 3,254 shares during the quarter. ARP Americas LP’s holdings in SYNNEX were worth $305,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of SNX. Assenagon Asset Management S.A. purchased a new position in SYNNEX during the second quarter valued at approximately $1,377,000. Strs Ohio boosted its stake in SYNNEX by 44.8% in the second quarter. Strs Ohio now owns 12,473 shares of the business services provider’s stock valued at $1,493,000 after acquiring an additional 3,857 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in SYNNEX by 272.5% in the first quarter. BNP Paribas Arbitrage SA now owns 33,379 shares of the business services provider’s stock valued at $2,440,000 after acquiring an additional 24,417 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in SYNNEX by 10.3% in the first quarter. State of Tennessee Treasury Department now owns 55,198 shares of the business services provider’s stock valued at $4,035,000 after acquiring an additional 5,162 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in SYNNEX by 3.2% in the first quarter. Legal & General Group Plc now owns 101,486 shares of the business services provider’s stock valued at $7,555,000 after acquiring an additional 3,171 shares in the last quarter. 74.91% of the stock is owned by institutional investors.

In other news, Director Dwight Steffensen sold 524 shares of the business’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $121.80, for a total transaction of $63,823.20. Following the completion of the sale, the director now owns 1,570 shares of the company’s stock, valued at $191,226. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin M. Murai sold 4,600 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $122.70, for a total transaction of $564,420.00. Following the sale, the director now directly owns 11,940 shares of the company’s stock, valued at approximately $1,465,038. The disclosure for this sale can be found here. Insiders have sold 27,571 shares of company stock valued at $3,240,211 in the last three months. Corporate insiders own 2.80% of the company’s stock.

SNX has been the subject of several recent analyst reports. Raymond James raised their target price on shares of SYNNEX from $120.00 to $140.00 and gave the company a “strong-buy” rating in a research note on Friday, June 26th. TheStreet upgraded shares of SYNNEX from a “c+” rating to a “b-” rating in a research note on Monday, July 27th. Loop Capital lifted their price objective on shares of SYNNEX from $130.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Zacks Investment Research upgraded shares of SYNNEX from a “sell” rating to a “strong-buy” rating and set a $111.00 price objective for the company in a research note on Wednesday, May 27th. Finally, Citigroup lifted their price objective on shares of SYNNEX from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. SYNNEX currently has a consensus rating of “Buy” and an average price target of $130.86.

SNX traded up $0.53 on Friday, reaching $124.74. The stock had a trading volume of 255,446 shares, compared to its average volume of 334,345. SYNNEX Co. has a 12-month low of $52.06 and a 12-month high of $153.07. The company has a current ratio of 1.52, a quick ratio of 0.94 and a debt-to-equity ratio of 0.69. The business’s 50-day moving average price is $114.51 and its two-hundred day moving average price is $109.58. The company has a market cap of $6.42 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 1.24 and a beta of 1.52.

SYNNEX (NYSE:SNX) last released its quarterly earnings data on Thursday, June 25th. The business services provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $2.60. SYNNEX had a net margin of 2.03% and a return on equity of 17.29%. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.17 billion. During the same quarter in the previous year, the company earned $2.86 earnings per share. The firm’s revenue for the quarter was down 3.3% on a year-over-year basis. As a group, analysts predict that SYNNEX Co. will post 10.75 earnings per share for the current year.

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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Institutional Ownership by Quarter for SYNNEX (NYSE:SNX)

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