ClariVest Asset Management LLC Has $7.10 Million Stake in Synnex (SNX)

ClariVest Asset Management LLC reduced its position in Synnex (NYSE:SNX) by 17.7% in the first quarter, HoldingsChannel.com reports. The fund owned 60,000 shares of the business services provider’s stock after selling 12,900 shares during the quarter. ClariVest Asset Management LLC’s holdings in Synnex were worth $7,104,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Oakbrook Investments LLC boosted its position in shares of Synnex by 30.3% in the fourth quarter. Oakbrook Investments LLC now owns 2,150 shares of the business services provider’s stock valued at $292,000 after acquiring an additional 500 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Synnex by 48.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,663 shares of the business services provider’s stock valued at $226,000 after acquiring an additional 541 shares during the period. HL Financial Services LLC boosted its position in shares of Synnex by 2.2% in the fourth quarter. HL Financial Services LLC now owns 29,575 shares of the business services provider’s stock valued at $4,021,000 after acquiring an additional 625 shares during the period. ING Groep NV boosted its position in shares of Synnex by 23.3% in the fourth quarter. ING Groep NV now owns 4,402 shares of the business services provider’s stock valued at $598,000 after acquiring an additional 831 shares during the period. Finally, Meadow Creek Investment Management LLC boosted its position in shares of Synnex by 28.6% in the fourth quarter. Meadow Creek Investment Management LLC now owns 3,978 shares of the business services provider’s stock valued at $541,000 after acquiring an additional 884 shares during the period. Institutional investors own 72.63% of the company’s stock.

Several equities research analysts have issued reports on SNX shares. Needham & Company LLC reiterated a “buy” rating and set a $135.00 target price (down from $151.00) on shares of Synnex in a research report on Monday, April 2nd. They noted that the move was a valuation call. Pivotal Research set a $135.00 target price on shares of Synnex and gave the company a “buy” rating in a research report on Monday, April 2nd. SunTrust Banks reiterated a “buy” rating and set a $130.00 target price on shares of Synnex in a research report on Tuesday, April 3rd. TheStreet lowered shares of Synnex from a “b” rating to a “c+” rating in a research report on Friday, April 20th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $140.00 target price (down from $152.00) on shares of Synnex in a research report on Monday, April 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $140.63.

In other Synnex news, Director Thomas S. Wurster sold 600 shares of Synnex stock in a transaction that occurred on Friday, May 11th. The shares were sold at an average price of $110.01, for a total transaction of $66,006.00. Following the transaction, the director now directly owns 11,426 shares of the company’s stock, valued at $1,256,974.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Marshall Witt sold 300 shares of Synnex stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $123.82, for a total transaction of $37,146.00. Following the transaction, the chief financial officer now directly owns 21,280 shares in the company, valued at $2,634,889.60. The disclosure for this sale can be found here. Insiders have sold 19,500 shares of company stock worth $2,065,238 over the last three months. Insiders own 3.20% of the company’s stock.

Shares of Synnex opened at $110.26 on Friday, Marketbeat.com reports. Synnex has a 1 year low of $110.00 and a 1 year high of $110.89. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 12.49 and a beta of 1.01. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.48 and a quick ratio of 0.86.

Synnex (NYSE:SNX) last announced its earnings results on Thursday, March 29th. The business services provider reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.03. Synnex had a net margin of 1.46% and a return on equity of 16.52%. The business had revenue of $4.55 billion during the quarter, compared to analyst estimates of $4.47 billion. During the same period in the previous year, the business posted $1.82 earnings per share. Synnex’s revenue for the quarter was up 29.3% on a year-over-year basis. equities research analysts predict that Synnex will post 10.21 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 27th. Shareholders of record on Friday, April 13th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.27%. The ex-dividend date was Thursday, April 12th. Synnex’s dividend payout ratio (DPR) is presently 15.80%.

Synnex Company 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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