Syneos Health (NASDAQ:SYNH) Shares Gap Down to $79.14

Syneos Health, Inc. (NASDAQ:SYNHGet Rating)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $79.14, but opened at $69.25. Syneos Health shares last traded at $66.39, with a volume of 5,798 shares.

Analysts Set New Price Targets

SYNH has been the subject of a number of research reports. William Blair downgraded Syneos Health from an “outperform” rating to a “market perform” rating in a report on Wednesday. Robert W. Baird decreased their target price on Syneos Health from $99.00 to $89.00 in a report on Wednesday. Barclays decreased their target price on Syneos Health from $90.00 to $80.00 in a report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on Syneos Health in a report on Monday, April 11th. They set a “buy” rating and a $102.00 target price for the company. Finally, Guggenheim initiated coverage on Syneos Health in a report on Monday, May 23rd. They set a “buy” rating and a $81.00 target price for the company. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.67.

Syneos Health Price Performance

The stock has a 50 day simple moving average of $71.76 and a two-hundred day simple moving average of $76.89. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 28.91 and a beta of 1.68. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.09 and a quick ratio of 1.09.

Syneos Health (NASDAQ:SYNHGet Rating) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.17. Syneos Health had a return on equity of 13.33% and a net margin of 4.54%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the business earned $0.86 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities research analysts predict that Syneos Health, Inc. will post 4.63 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Jonathan Olefson sold 2,215 shares of the stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $75.00, for a total value of $166,125.00. Following the transaction, the general counsel now owns 25,292 shares in the company, valued at approximately $1,896,900. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Syneos Health news, COO Michael Lee Brooks sold 1,002 shares of the stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $78.00, for a total transaction of $78,156.00. Following the completion of the sale, the chief operating officer now directly owns 47,552 shares of the company’s stock, valued at approximately $3,709,056. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Jonathan Olefson sold 2,215 shares of the stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $75.00, for a total value of $166,125.00. Following the sale, the general counsel now directly owns 25,292 shares of the company’s stock, valued at $1,896,900. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,403 shares of company stock worth $1,646,313. 0.34% of the stock is currently owned by insiders.

Institutional Trading of Syneos Health

Several hedge funds have recently modified their holdings of the business. Jackson Grant Investment Advisers Inc. purchased a new position in Syneos Health in the 1st quarter valued at approximately $26,000. Independence Bank of Kentucky purchased a new position in Syneos Health during the first quarter worth $28,000. CWM LLC boosted its holdings in shares of Syneos Health by 124.7% during the second quarter. CWM LLC now owns 418 shares of the company’s stock worth $30,000 after purchasing an additional 232 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Syneos Health by 306.6% during the second quarter. First Horizon Advisors Inc. now owns 496 shares of the company’s stock worth $35,000 after purchasing an additional 374 shares during the last quarter. Finally, CENTRAL TRUST Co acquired a new stake in shares of Syneos Health during the first quarter worth $44,000. 98.38% of the stock is owned by institutional investors and hedge funds.

Syneos Health Company Profile

(Get Rating)

Syneos Health, Inc provides biopharmaceutical outsourcing solutions company in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. It operates through two segments, Clinical Solutions and Commercial Solutions. The Clinical Solutions segment offers services for the development of diagnostics, drugs, biologics, devices, and digital therapeutics in the Phase I to IV of clinical development.

Further Reading

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