TD SYNNEX (NYSE:SNX) Given New $237.00 Price Target at Barclays

TD SYNNEX (NYSE:SNX) had its price target lifted by investment analysts at Barclays from $166.00 to $237.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the business services provider’s stock. Barclays‘s target price indicates a potential downside of 9.01% from the stock’s previous close.

Several other equities research analysts also recently issued reports on SNX. Zacks Research upgraded TD SYNNEX from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. UBS Group increased their price target on TD SYNNEX from $193.00 to $265.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Wall Street Zen upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Barrington Research reissued an “outperform” rating and set a $182.00 price objective on shares of TD SYNNEX in a research report on Friday, March 27th. Finally, Royal Bank Of Canada increased their price objective on TD SYNNEX from $210.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $212.60.

TD SYNNEX Trading Up 5.8%

NYSE SNX traded up $14.24 on Friday, reaching $260.46. The company had a trading volume of 1,741,644 shares, compared to its average volume of 786,935. TD SYNNEX has a 52 week low of $118.35 and a 52 week high of $264.81. 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 stock has a market cap of $20.94 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.08 and a beta of 1.40. The stock’s 50 day moving average is $208.35 and its 200-day moving average is $173.71.

TD SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, March 31st. The business services provider reported $4.73 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 firm had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $15.59 billion. During the same quarter in the prior year, the firm earned $2.80 earnings per share. The business’s quarterly revenue was up 18.1% on a year-over-year basis. Equities analysts predict that TD SYNNEX will post 15.69 earnings per share for the current year.

Insider Activity

In other news, Director Merline Saintil sold 167 shares of TD SYNNEX stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total transaction of $26,344.25. Following the completion of the transaction, the director directly owned 6,995 shares in the company, valued at approximately $1,103,461.25. The trade was a 2.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Miriam Anne Murphy sold 3,025 shares of TD SYNNEX stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $200.14, for a total value of $605,423.50. Following the transaction, the insider owned 10,820 shares of the company’s stock, valued at $2,165,514.80. This represents a 21.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 16,417 shares of company stock worth $3,559,726. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp boosted its stake in shares of TD SYNNEX by 0.4% during the 3rd quarter. State Street Corp now owns 2,372,733 shares of the business services provider’s stock worth $388,535,000 after acquiring an additional 9,024 shares during the period. Ninety One UK Ltd boosted its holdings in shares of TD SYNNEX by 13.1% during the 4th quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider’s stock worth $334,876,000 after buying an additional 258,630 shares during the period. LSV Asset Management boosted its holdings in shares of TD SYNNEX by 16.1% during the 4th quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider’s stock worth $313,471,000 after buying an additional 288,625 shares during the period. Geode Capital Management LLC boosted its holdings in shares of TD SYNNEX by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider’s stock worth $230,315,000 after buying an additional 99,090 shares during the period. Finally, Metropolis Capital Ltd boosted its holdings in shares of TD SYNNEX by 9.5% during the 1st quarter. Metropolis Capital Ltd now owns 1,281,307 shares of the business services provider’s stock worth $216,169,000 after buying an additional 111,222 shares during the period. 84.00% of the stock is currently owned by institutional investors.

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.