TD SYNNEX (NYSE:SNX) Upgraded by Wall Street Zen to Buy Rating

TD SYNNEX (NYSE:SNX) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Several other brokerages have also weighed in on SNX. JPMorgan Chase & Co. increased their target price on shares of TD SYNNEX from $143.00 to $160.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Bank of America increased their price target on shares of TD SYNNEX from $156.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Morgan Stanley set a $155.00 price target on shares of TD SYNNEX and gave the stock an “overweight” rating in a research report on Wednesday, June 25th. Loop Capital increased their price target on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, June 30th. Finally, Barclays set a $140.00 price target on shares of TD SYNNEX in a research report on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $149.30.

TD SYNNEX Trading Down 2.3%

Shares of SNX stock opened at $147.40 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.26 and a quick ratio of 0.75. The firm has a market cap of $12.16 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 1.23 and a beta of 1.32. The company has a 50-day moving average of $139.01 and a two-hundred day moving average of $128.46. TD SYNNEX has a 1-year low of $92.23 and a 1-year high of $153.70.

TD SYNNEX (NYSE:SNX) last announced its earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.28. The company had revenue of $14.95 billion during the quarter, compared to analyst estimates of $14.30 billion. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. TD SYNNEX’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.73 earnings per share. On average, analysts predict that TD SYNNEX will post 11.88 EPS for the current year.

Insider Activity

In other TD SYNNEX news, Director Richard T. Hume sold 63,310 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $136.23, for a total value of $8,624,721.30. Following the transaction, the director directly owned 67,515 shares in the company, valued at $9,197,568.45. This represents a 48.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Marshall Witt sold 1,509 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.35, for a total transaction of $189,153.15. Following the completion of the transaction, the chief financial officer owned 49,563 shares in the company, valued at $6,212,722.05. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $9,115,025 in the last ninety days. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On TD SYNNEX

Several hedge funds have recently added to or reduced their stakes in SNX. Nuveen LLC purchased a new position in shares of TD SYNNEX during the first quarter worth approximately $121,259,000. Nuveen Asset Management LLC grew its position in shares of TD SYNNEX by 343.2% during the fourth quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider’s stock worth $141,913,000 after acquiring an additional 937,040 shares during the last quarter. Norges Bank purchased a new position in shares of TD SYNNEX during the second quarter worth approximately $124,618,000. Metropolis Capital Ltd purchased a new position in shares of TD SYNNEX during the second quarter worth approximately $115,168,000. Finally, Vanguard Group Inc. grew its position in shares of TD SYNNEX by 10.1% during the second quarter. Vanguard Group Inc. now owns 8,248,639 shares of the business services provider’s stock worth $1,119,340,000 after acquiring an additional 759,022 shares during the last quarter. 84.00% of the stock is currently owned by hedge funds and other 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.