Syneos Health (NASDAQ:SYNH) Sees Unusually-High Trading Volume Following Analyst Upgrade

Syneos Health, Inc. (NASDAQ:SYNH – Get Rating) saw an uptick in trading volume on Wednesday after Mizuho raised their price target on the stock from $38.00 to $43.00. 3,159,216 shares changed hands during mid-day trading, an increase of 55% from the previous session’s volume of 2,042,979 shares.The stock last traded at $41.54 and had previously closed at $41.62.

A number of other analysts also recently issued reports on SYNH. Deutsche Bank Aktiengesellschaft downgraded shares of Syneos Health from a “buy” rating to a “hold” rating in a report on Thursday, May 11th. Barclays upgraded shares of Syneos Health from an “underweight” rating to an “equal weight” rating in a report on Wednesday, May 10th. JPMorgan Chase & Co. upgraded shares of Syneos Health from an “underweight” rating to a “neutral” rating in a research note on Wednesday, May 10th. StockNews.com initiated coverage on shares of Syneos Health in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Robert W. Baird downgraded shares of Syneos Health from an “outperform” rating to a “neutral” rating in a research note on Thursday, May 11th. Ten investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $51.33.

Institutional Investors Weigh In On Syneos Health

Several hedge funds have recently bought and sold shares of the stock. Cetera Advisor Networks LLC raised its holdings in Syneos Health by 11.1% in the 1st quarter. Cetera Advisor Networks LLC now owns 3,725 shares of the company’s stock worth $302,000 after purchasing an additional 372 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Syneos Health by 55.6% in the 1st quarter. Bank of Montreal Can now owns 69,809 shares of the company’s stock worth $5,697,000 after acquiring an additional 24,933 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Syneos Health by 8.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 56,664 shares of the company’s stock worth $4,716,000 after acquiring an additional 4,203 shares in the last quarter. Cibc World Market Inc. increased its stake in shares of Syneos Health by 214.3% in the 1st quarter. Cibc World Market Inc. now owns 22,133 shares of the company’s stock worth $1,792,000 after acquiring an additional 15,091 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Syneos Health by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,042,500 shares of the company’s stock worth $84,394,000 after acquiring an additional 5,999 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors.

Syneos Health Stock Performance

The company’s 50 day moving average is $37.57 and its 200-day moving average is $36.65. The company has a market capitalization of $4.31 billion, a P/E ratio of 29.05 and a beta of 1.62. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.77.

Syneos Health (NASDAQ:SYNH – Get Rating) last announced its quarterly earnings data on Thursday, February 16th. The company reported $1.15 EPS for the quarter, beating the consensus estimate of $1.07 by $0.08. Syneos Health had a net margin of 2.74% and a return on equity of 12.14%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.29 billion. Equities analysts anticipate that Syneos Health, Inc. will post 2.85 EPS for the current fiscal year.

About Syneos Health

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Syneos Health, Inc engages in the provision of biopharmaceutical solutions. It operates through the Clinical Solutions and Commercial Solutions segments. The Clinical Solutions segment offers global services for the development of diagnostics, drugs, biologics, devices, and digital therapeutics that span Phase I to IV of clinical development.