TD SYNNEX (NYSE:SNX) Stock Rating Reaffirmed by Royal Bank of Canada

TD SYNNEX (NYSE:SNX)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research note 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 objective would suggest a potential upside of 16.99% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. StockNews.com raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. UBS Group boosted their target price on TD SYNNEX from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Bank of America decreased their price target on TD SYNNEX from $135.00 to $132.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Barrington Research reiterated an “outperform” rating and set a $138.00 price target on shares of TD SYNNEX in a research report on Monday, September 23rd. Finally, JPMorgan Chase & Co. cut their price objective on TD SYNNEX from $126.00 to $123.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $132.57.

TD SYNNEX Stock Performance

Shares of NYSE SNX opened at $119.67 on Friday. TD SYNNEX has a 12-month low of $89.73 and a 12-month high of $133.85. The company has a market cap of $10.23 billion, a PE ratio of 16.76, a P/E/G ratio of 1.18 and a beta of 1.49. The stock has a 50 day simple moving average of $116.22 and a 200-day simple moving average of $117.97. The company has a current ratio of 1.26, a quick ratio of 0.78 and a debt-to-equity ratio of 0.47.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Thursday, September 26th. The business services provider reported $2.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.06. The company had revenue of $14.68 billion during the quarter, compared to analyst estimates of $14.11 billion. TD SYNNEX had a return on equity of 12.32% and a net margin of 1.14%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.71 EPS. On average, equities research analysts forecast that TD SYNNEX will post 11.22 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On TD SYNNEX

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. raised its holdings in TD SYNNEX by 121.7% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 255 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 140 shares in the last quarter. Rise Advisors LLC bought a new stake in shares of TD SYNNEX during the first quarter valued at approximately $32,000. Pineridge Advisors LLC bought a new stake in shares of TD SYNNEX during the fourth quarter worth $33,000. Blue Trust Inc. grew its position in shares of TD SYNNEX by 52.3% during the 2nd quarter. Blue Trust Inc. now owns 358 shares of the business services provider’s stock worth $40,000 after buying an additional 123 shares during the period. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of TD SYNNEX in the 2nd quarter valued at $52,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.