TD SYNNEX’s (SNX) “Outperform” Rating Reiterated at Royal Bank of Canada

TD SYNNEX (NYSE:SNX)‘s stock had its “outperform” rating reaffirmed by stock analysts at Royal Bank of Canada in a research report issued on Friday, Benzinga reports. They presently have a $140.00 target price on the business services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 17.26% from the stock’s current price.

Several other equities analysts also recently commented on SNX. StockNews.com upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a report on Friday, August 16th. Barrington Research reiterated an “outperform” rating and issued a $138.00 target price on shares of TD SYNNEX in a report on Monday. UBS Group boosted their target price on shares of TD SYNNEX from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Bank of America dropped their price objective on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Finally, JPMorgan Chase & Co. decreased their target price on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, TD SYNNEX presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.25.

TD SYNNEX Stock Up 0.6 %

SNX stock traded up $0.68 during trading hours on Friday, hitting $119.39. The company’s stock had a trading volume of 19,065 shares, compared to its average volume of 822,177. The stock has a 50 day moving average price of $116.14 and a two-hundred day moving average price of $117.76. TD SYNNEX has a 12 month low of $89.73 and a 12 month high of $133.85. The company has a market capitalization of $10.20 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.18 and a beta of 1.49. The company has a quick ratio of 0.78, a current ratio of 1.26 and a debt-to-equity ratio of 0.47.

TD SYNNEX (NYSE:SNX) last posted its earnings results on Tuesday, June 25th. The business services provider reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.66 by ($0.05). The company had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $14.12 billion. TD SYNNEX had a net margin of 1.14% and a return on equity of 12.32%. On average, equities research analysts expect that TD SYNNEX will post 11.22 earnings per share for the current year.

Insider Activity

In other TD SYNNEX news, CFO Marshall Witt sold 11,441 shares of TD SYNNEX stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total transaction of $1,260,111.74. Following the sale, the chief financial officer now owns 45,115 shares in the company, valued at $4,968,966.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Patrick Zammit sold 3,513 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $113.28, for a total transaction of $397,952.64. Following the sale, the chief operating officer now directly owns 140,205 shares in the company, valued at approximately $15,882,422.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Marshall Witt sold 11,441 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $110.14, for a total value of $1,260,111.74. Following the completion of the sale, the chief financial officer now owns 45,115 shares of the company’s stock, valued at $4,968,966.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,188 shares of company stock worth $1,685,455. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

A number of hedge funds have recently added to or reduced their stakes in SNX. Vanguard Group Inc. grew its position in shares of TD SYNNEX by 23.4% during the 1st quarter. Vanguard Group Inc. now owns 6,641,402 shares of the business services provider’s stock worth $751,143,000 after buying an additional 1,261,474 shares during the period. Pacer Advisors Inc. grew its holdings in shares of TD SYNNEX by 58.9% in the 2nd quarter. Pacer Advisors Inc. now owns 2,716,372 shares of the business services provider’s stock valued at $313,469,000 after buying an additional 1,006,569 shares during the period. Ninety One UK Ltd lifted its holdings in shares of TD SYNNEX by 131.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,371,737 shares of the business services provider’s stock valued at $158,298,000 after purchasing an additional 777,924 shares in the last quarter. Lind Value II ApS acquired a new position in shares of TD SYNNEX in the first quarter valued at approximately $77,858,000. Finally, Lord Abbett & CO. LLC bought a new position in TD SYNNEX during the 1st quarter worth about $57,981,000. Institutional investors own 84.00% of the company’s stock.

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.