Quantitative Systematic Strategies LLC trimmed its stake in shares of Syneos Health, Inc. (NASDAQ:SYNH) by 24.6% in the second quarter, Holdings Channel.com reports. The fund owned 10,369 shares of the company’s stock after selling 3,378 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in Syneos Health were worth $928,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Harvest Fund Management Co. Ltd bought a new stake in Syneos Health in the first quarter worth approximately $45,000. Allred Capital Management LLC bought a new stake in Syneos Health in the first quarter worth approximately $56,000. First Mercantile Trust Co. bought a new stake in Syneos Health in the second quarter worth approximately $86,000. IFP Advisors Inc increased its holdings in Syneos Health by 1,030.8% in the second quarter. IFP Advisors Inc now owns 1,029 shares of the company’s stock worth $92,000 after purchasing an additional 938 shares in the last quarter. Finally, PNC Managed Account Solutions Inc. acquired a new stake in Syneos Health in the second quarter valued at approximately $103,000. Institutional investors own 97.17% of the company’s stock.
SYNH has been the subject of a number of research reports. Truist Securities raised their price objective on Syneos Health from $88.00 to $104.00 and gave the company a “buy” rating in a research note on Wednesday, June 2nd. Credit Suisse Group raised their price objective on Syneos Health from $96.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, August 5th. Finally, Barclays raised their price objective on Syneos Health from $90.00 to $102.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 13th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Syneos Health presently has a consensus rating of “Buy” and an average target price of $89.10.
Syneos Health (NASDAQ:SYNH) last posted its quarterly earnings data on Monday, August 9th. The company reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.02. Syneos Health had a return on equity of 11.35% and a net margin of 4.99%. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the firm earned $0.58 earnings per share. The business’s revenue was up 26.6% on a year-over-year basis. As a group, equities research analysts expect that Syneos Health, Inc. will post 3.87 earnings per share for the current year.
In other Syneos Health news, CEO Alistair Macdonald sold 35,553 shares of the business’s stock in a transaction on Tuesday, August 3rd. The stock was sold at an average price of $87.96, for a total value of $3,127,241.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jason M. Meggs sold 660 shares of the business’s stock in a transaction on Tuesday, July 6th. The shares were sold at an average price of $90.00, for a total value of $59,400.00. Following the completion of the sale, the chief financial officer now owns 60,741 shares in the company, valued at $5,466,690. The disclosure for this sale can be found here. In the last three months, insiders sold 50,522 shares of company stock worth $4,521,402. Insiders own 0.29% of the company’s stock.
About Syneos Health
Syneos Health, Inc provides outsourced clinical development and commercialization services to biopharmaceutical companies. It operates through the following business segments: Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers clinical development services spanning Phase I to Phase IV, including global studies, as well as unbundled service offerings such as clinical monitoring, investigator recruitment, patient recruitment, data management, and study startup to assist customers with their drug development process.
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