TD SYNNEX (NYSE:SNX) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

TD SYNNEX (NYSE:SNX) had its price objective boosted by equities researchers at Royal Bank Of Canada from $210.00 to $250.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the business services provider’s stock. Royal Bank Of Canada’s target price points to a potential upside of 9.42% from the stock’s previous close.

A number of other brokerages have also weighed in on SNX. Morgan Stanley upped their target price on shares of TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. Wall Street Zen raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. UBS Group upped their target price on shares of TD SYNNEX from $187.00 to $193.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TD SYNNEX in a research note on Wednesday, January 21st. Finally, JPMorgan Chase & Co. upped their target price on shares of TD SYNNEX from $185.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $190.50.

TD SYNNEX Price Performance

Shares of SNX stock opened at $228.47 on Thursday. TD SYNNEX has a 12-month low of $112.27 and a 12-month high of $231.62. The firm has a market capitalization of $18.37 billion, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 1.15 and a beta of 1.23. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. The firm has a fifty day moving average of $180.17 and a 200-day moving average of $163.31.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.24 by $1.49. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The company had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same quarter in the previous year, the business earned $2.80 EPS. The firm’s revenue was up 18.1% on a year-over-year basis. On average, equities research analysts forecast that TD SYNNEX will post 15.69 earnings per share for the current year.

Insider Activity at TD SYNNEX

In other news, insider Miriam Anne Murphy sold 3,025 shares of the stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the completion of the transaction, the insider directly owned 10,820 shares in the company, valued at $2,165,514.80. This represents a 21.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Merline Saintil sold 167 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total transaction of $26,344.25. Following the transaction, the director owned 6,995 shares of the company’s stock, valued at approximately $1,103,461.25. This represents a 2.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 43,682 shares of company stock worth $7,380,719. Corporate insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

A number of large investors have recently modified their holdings of the business. International Assets Investment Management LLC boosted its stake in shares of TD SYNNEX by 1,731.3% during the 1st quarter. International Assets Investment Management LLC now owns 293 shares of the business services provider’s stock worth $55,000 after buying an additional 277 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in shares of TD SYNNEX during the 1st quarter worth about $326,000. Fifth Third Bancorp boosted its stake in shares of TD SYNNEX by 7,009.4% during the 1st quarter. Fifth Third Bancorp now owns 62,705 shares of the business services provider’s stock worth $10,579,000 after buying an additional 61,823 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of TD SYNNEX in the 1st quarter valued at about $215,000. Finally, First Horizon Corp raised its holdings in shares of TD SYNNEX by 11.7% in the 1st quarter. First Horizon Corp now owns 2,875 shares of the business services provider’s stock valued at $485,000 after purchasing an additional 300 shares during the period. 84.00% of the stock is currently owned by institutional investors and hedge funds.

TD SYNNEX Company Profile

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.