Royal Bank of Canada Reiterates Outperform Rating for TD SYNNEX (NYSE:SNX)

TD SYNNEX (NYSE:SNX)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank of Canada in a report released on Tuesday,Benzinga reports. They currently have a $140.00 target price on the business services provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 14.74% from the stock’s current price.

Other research analysts have also issued reports about the stock. Loop Capital restated a “buy” rating and set a $150.00 price objective on shares of TD SYNNEX in a research note on Monday, October 7th. Barclays upped their price objective on TD SYNNEX from $131.00 to $132.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Barrington Research reiterated an “outperform” rating and set a $138.00 target price on shares of TD SYNNEX in a research note on Monday, September 23rd. Finally, StockNews.com cut TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, TD SYNNEX currently has a consensus rating of “Moderate Buy” and an average target price of $134.75.

TD SYNNEX Price Performance

NYSE:SNX opened at $122.01 on Tuesday. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The firm has a fifty day simple moving average of $119.63 and a 200 day simple moving average of $117.82. TD SYNNEX has a 1-year low of $98.70 and a 1-year high of $133.85. The stock has a market capitalization of $10.38 billion, a PE ratio of 15.78, a P/E/G ratio of 1.14 and a beta of 1.46.

Insider Activity

In other TD SYNNEX news, Director Richard T. Hume sold 20,000 shares of TD SYNNEX stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $120.72, for a total value of $2,414,400.00. Following the completion of the transaction, the director now directly owns 171,080 shares of the company’s stock, valued at $20,652,777.60. The trade was a 10.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Simon Leung sold 6,249 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $123.17, for a total transaction of $769,689.33. Following the completion of the transaction, the insider now directly owns 23,339 shares in the company, valued at approximately $2,874,664.63. This represents a 21.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,876 shares of company stock valued at $8,196,529. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fulton Bank N.A. grew its position in TD SYNNEX by 12.1% in the fourth quarter. Fulton Bank N.A. now owns 3,620 shares of the business services provider’s stock valued at $425,000 after acquiring an additional 392 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of TD SYNNEX by 37.8% during the 4th quarter. GAMMA Investing LLC now owns 642 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 176 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in TD SYNNEX by 37.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock valued at $361,707,000 after purchasing an additional 813,634 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in TD SYNNEX by 39.0% in the third quarter. Lord Abbett & CO. LLC now owns 825,468 shares of the business services provider’s stock valued at $99,123,000 after buying an additional 231,715 shares in the last quarter. Finally, Brass Tax Wealth Management Inc. bought a new stake in shares of TD SYNNEX during the third quarter worth $203,000. 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.