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

TD SYNNEX (NYSE:SNX)‘s stock had its “sector perform” rating restated by stock analysts at Royal Bank of Canada in a report issued on Wednesday, Benzinga reports. They currently have a $118.00 price objective on the business services provider’s stock, up from their previous price objective of $110.00. Royal Bank of Canada’s price objective indicates a potential upside of 4.37% from the company’s previous close.

Several other equities analysts also recently commented on the company. StockNews.com upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Barclays increased their target price on TD SYNNEX from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Cfra increased their target price on TD SYNNEX from $110.00 to $113.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. downgraded TD SYNNEX from an “overweight” rating to a “neutral” rating and increased their target price for the stock 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $116.00.

TD SYNNEX Price Performance

TD SYNNEX stock opened at $113.06 on Wednesday. TD SYNNEX has a 12 month low of $86.30 and a 12 month high of $116.05. The company has a current ratio of 1.22, a quick ratio of 0.77 and a debt-to-equity ratio of 0.38. The business’s 50 day simple moving average is $103.60 and its 200 day simple moving average is $101.02. The company has a market cap of $10.07 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.07 and a beta of 1.63.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, January 9th. The business services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.56 by $0.57. TD SYNNEX had a return on equity of 12.16% and a net margin of 1.12%. The business had revenue of $14.41 billion for the quarter, compared to the consensus estimate of $14.54 billion. During the same quarter in the prior year, the business earned $3.30 earnings per share. TD SYNNEX’s revenue for the quarter was down 11.3% on a year-over-year basis. Sell-side analysts forecast that TD SYNNEX will post 11.17 EPS for the current year.

Insider Activity at TD SYNNEX

In related news, insider Michael Urban sold 4,355 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $107.00, for a total value of $465,985.00. Following the transaction, the insider now owns 20,270 shares of the company’s stock, valued at $2,168,890. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Michael Urban sold 4,355 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $107.00, for a total value of $465,985.00. Following the transaction, the insider now owns 20,270 shares of the company’s stock, valued at $2,168,890. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard T. Hume sold 10,000 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $105.57, for a total value 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 approximately $24,213,851.91. The disclosure for this sale can be found here. Insiders have sold a total of 2,289,905 shares of company stock valued at $232,556,362 over the last 90 days. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Quadrature Capital Ltd bought a new position in shares of TD SYNNEX during the fourth quarter valued at about $1,300,000. Vanguard Group Inc. boosted its holdings in shares of TD SYNNEX by 7.4% during the fourth quarter. Vanguard Group Inc. now owns 5,379,928 shares of the business services provider’s stock worth $578,934,000 after purchasing an additional 371,322 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of TD SYNNEX by 63.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 164,999 shares of the business services provider’s stock worth $17,756,000 after purchasing an additional 64,024 shares during the period. Pineridge Advisors LLC purchased a new stake in shares of TD SYNNEX during the fourth quarter worth about $33,000. Finally, American International Group Inc. boosted its holdings in shares of TD SYNNEX by 2.9% during the fourth quarter. American International Group Inc. now owns 69,296 shares of the business services provider’s stock worth $7,457,000 after purchasing an additional 1,983 shares during the period. 84.00% of the stock is owned by institutional investors.

TD SYNNEX Company Profile

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.