Cfra Boosts TD SYNNEX (NYSE:SNX) Price Target to $113.00

TD SYNNEX (NYSE:SNX) had its price objective raised by analysts at Cfra from $110.00 to $113.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the business services provider’s stock. Cfra’s price objective suggests a potential downside of 2.61% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. StockNews.com upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Thursday, December 21st. Royal Bank of Canada raised their price objective on shares of TD SYNNEX from $97.00 to $110.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 10th. Finally, JPMorgan Chase & Co. lowered shares of TD SYNNEX from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $112.00 to $113.00 in a research report on Monday, January 8th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.33.

TD SYNNEX Stock Performance

NYSE SNX opened at $116.03 on Tuesday. TD SYNNEX has a 52-week low of $86.30 and a 52-week high of $116.05. The company has a 50-day simple moving average of $103.43 and a 200 day simple moving average of $100.94. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.77 and a current ratio of 1.20. The company has a market capitalization of $10.34 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 1.01 and a beta of 1.63.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, January 9th. The business services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.57. The firm had revenue of $14.41 billion during the quarter, compared to analyst estimates of $14.54 billion. TD SYNNEX had a net margin of 1.09% and a return on equity of 12.34%. The company’s quarterly revenue was down 11.3% on a year-over-year basis. During the same quarter last year, the business earned $3.30 earnings per share. On average, research analysts predict that TD SYNNEX will post 11.17 EPS for the current year.

Insiders Place Their Bets

In other TD SYNNEX news, CEO Richard T. Hume sold 10,000 shares of TD SYNNEX stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $105.57, for a total transaction of $1,055,700.00. Following the transaction, the chief executive officer now directly owns 229,363 shares of the company’s stock, valued at $24,213,851.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Michael Urban sold 5,000 shares of TD SYNNEX stock in a transaction on Thursday, January 11th. The shares were sold at an average price of $103.67, for a total value of $518,350.00. Following the transaction, the insider now directly owns 36,131 shares of the company’s stock, valued at $3,745,700.77. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Richard T. Hume sold 10,000 shares of TD SYNNEX stock in a transaction on Monday, March 4th. The stock was sold at an average price of $105.57, for a total transaction of $1,055,700.00. Following the completion of the transaction, the chief executive officer now directly owns 229,363 shares in the company, valued at $24,213,851.91. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,289,905 shares of company stock valued at $232,556,362. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SNX. American Century Companies Inc. increased its stake in shares of TD SYNNEX by 31.5% in the first quarter. American Century Companies Inc. now owns 20,197 shares of the business services provider’s stock worth $2,085,000 after buying an additional 4,841 shares during the period. US Bancorp DE boosted its holdings in TD SYNNEX by 11.6% in the first quarter. US Bancorp DE now owns 7,213 shares of the business services provider’s stock valued at $745,000 after acquiring an additional 747 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in TD SYNNEX by 7.6% in the first quarter. PNC Financial Services Group Inc. now owns 9,614 shares of the business services provider’s stock valued at $992,000 after acquiring an additional 677 shares in the last quarter. Bank of Montreal Can boosted its holdings in TD SYNNEX by 202.3% in the first quarter. Bank of Montreal Can now owns 53,183 shares of the business services provider’s stock valued at $5,569,000 after acquiring an additional 35,593 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in TD SYNNEX in the first quarter valued at $1,065,000. 84.00% of the stock is owned by hedge funds and other institutional investors.

About TD SYNNEX

TD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem. The company offers personal computing devices and peripherals, mobile phones and accessories, printers, supplies, and endpoint technology software; and data center technologies, such as hybrid cloud, security, storage, networking, servers, technology software, and converged and hyper-converged infrastructure, as well as computing components.