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

TD SYNNEX (NYSE:SNX)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They presently have a $140.00 target price on the business services provider’s stock. Royal Bank of Canada’s target price suggests a potential upside of 15.75% from the stock’s current price.

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

TD SYNNEX Price Performance

NYSE SNX traded up $2.65 on Tuesday, reaching $120.95. 113,962 shares of the stock traded hands, compared to its average volume of 361,465. TD SYNNEX has a 12 month low of $98.70 and a 12 month high of $133.85. The company has a market cap of $10.29 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 1.14 and a beta of 1.46. The firm’s fifty day simple moving average is $119.56 and its 200 day simple moving average is $117.84. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 0.46.

Insiders Place Their Bets

In related news, Director Ann F. Vezina sold 1,937 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $121.11, for a total transaction of $234,590.07. Following the completion of the transaction, the director now owns 5,695 shares of the company’s stock, valued at approximately $689,721.45. The trade was a 25.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $120.72, for a total transaction of $2,414,400.00. Following the transaction, the director now directly owns 171,080 shares of the company’s stock, valued at $20,652,777.60. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,466 shares of company stock valued at $9,115,980 over the last quarter. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Several large investors have recently modified their holdings of SNX. Commonwealth Equity Services LLC bought a new stake in TD SYNNEX in the second quarter valued at $351,000. Victory Capital Management Inc. lifted its holdings in TD SYNNEX by 52.3% during the 2nd quarter. Victory Capital Management Inc. now owns 331,992 shares of the business services provider’s stock valued at $38,312,000 after purchasing an additional 114,009 shares during the last quarter. Arizona State Retirement System boosted its position in TD SYNNEX by 33.9% in the second quarter. Arizona State Retirement System now owns 21,519 shares of the business services provider’s stock valued at $2,483,000 after buying an additional 5,444 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in TD SYNNEX during the second quarter worth about $52,000. Finally, Choreo LLC acquired a new stake in shares of TD SYNNEX during the second quarter worth approximately $376,000. 84.00% of the stock is currently owned by institutional investors.

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.