Zacks Research Upgrades TD SYNNEX (NYSE:SNX) to “Strong-Buy”

TD SYNNEX (NYSE:SNX) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other brokerages have also commented on SNX. Morgan Stanley raised their target price on shares of TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. UBS Group raised their target price on shares of TD SYNNEX from $187.00 to $193.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Barrington Research reaffirmed an “outperform” rating and set a $182.00 target price on shares of TD SYNNEX in a research report on Friday, March 27th. Barclays raised their target price on shares of TD SYNNEX from $163.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 1st. Finally, The Goldman Sachs Group raised their target price on shares of TD SYNNEX from $180.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.00.

TD SYNNEX Trading Up 2.7%

Shares of SNX stock traded up $5.27 during trading hours on Monday, reaching $200.86. 76,007 shares of the stock were exchanged, compared to its average volume of 801,300. TD SYNNEX has a 12-month low of $96.14 and a 12-month high of $205.01. The company has a current ratio of 1.22, a quick ratio of 0.75 and a debt-to-equity ratio of 0.41. The company’s 50-day moving average price is $162.76 and its 200-day moving average price is $156.67. The firm has a market capitalization of $16.20 billion, a price-to-earnings ratio of 16.70, a price-to-earnings-growth ratio of 1.08 and a beta of 1.23.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. The company had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the business posted $2.80 EPS. As a group, equities analysts anticipate that TD SYNNEX will post 11.88 earnings per share for the current year.

Insider Buying and Selling at TD SYNNEX

In other news, CFO David Gregory Jordan sold 3,225 shares of the business’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the sale, the chief financial officer owned 14,035 shares in the company, valued at approximately $2,659,071.10. The trade was a 18.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard T. Hume sold 23,365 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $160.63, for a total transaction of $3,753,119.95. Following the completion of the sale, the director owned 42,515 shares of the company’s stock, valued at approximately $6,829,184.45. This represents a 35.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 79,140 shares of company stock worth $12,953,944. 0.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On TD SYNNEX

Several large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of TD SYNNEX by 9.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,820 shares of the business services provider’s stock worth $1,749,000 after acquiring an additional 1,460 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of TD SYNNEX by 5.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 179,210 shares of the business services provider’s stock worth $18,631,000 after acquiring an additional 9,815 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of TD SYNNEX by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 204,172 shares of the business services provider’s stock worth $21,226,000 after acquiring an additional 12,615 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of TD SYNNEX during the 2nd quarter worth approximately $818,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of TD SYNNEX by 17.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 852 shares of the business services provider’s stock worth $116,000 after acquiring an additional 126 shares in the last quarter. Institutional investors own 84.00% of the company’s stock.

About TD SYNNEX

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.