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

TD SYNNEX (NYSE:SNX)‘s stock had its “outperform” rating reiterated by Royal Bank of Canada in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $140.00 price objective on the business services provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 14.74% from the company’s previous close.

SNX has been the subject of a number of other research reports. Barclays increased their target price on shares of TD SYNNEX from $131.00 to $132.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Barrington Research reissued an “outperform” rating and set a $138.00 target price on shares of TD SYNNEX in a research note on Monday, September 23rd. StockNews.com cut shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Loop Capital reissued a “buy” rating and issued a $150.00 price objective on shares of TD SYNNEX in a research report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and an average target price of $134.75.

TD SYNNEX Trading Down 1.0 %

Shares of SNX stock opened at $122.01 on Tuesday. TD SYNNEX has a 1-year low of $98.70 and a 1-year high of $133.85. 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 stock has a market cap of $10.38 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 1.14 and a beta of 1.46. The stock has a 50-day moving average of $119.63 and a 200-day moving average of $117.82.

Insider Buying and Selling

In other news, Director Richard T. Hume sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the transaction, the director now directly owns 111,080 shares of the company’s stock, valued at $13,065,229.60. This represents a 15.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Simon Leung sold 6,249 shares of TD SYNNEX stock in a transaction on 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 sale, the insider now directly owns 23,339 shares of the company’s stock, valued at approximately $2,874,664.63. The trade was a 21.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,876 shares of company stock valued at $8,196,529. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On TD SYNNEX

A number of institutional investors and hedge funds have recently made changes to their positions in SNX. FMR LLC increased its holdings in TD SYNNEX by 18.4% during the 3rd quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock worth $891,665,000 after purchasing an additional 1,154,651 shares in the last quarter. Pacer Advisors Inc. grew its holdings in TD SYNNEX by 58.9% during the second quarter. Pacer Advisors Inc. now owns 2,716,372 shares of the business services provider’s stock worth $313,469,000 after buying an additional 1,006,569 shares in the last quarter. JPMorgan Chase & Co. raised its position 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 buying an additional 813,634 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in TD SYNNEX by 560.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 371,747 shares of the business services provider’s stock valued at $44,639,000 after acquiring an additional 315,424 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in TD SYNNEX by 21.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,546,105 shares of the business services provider’s stock worth $178,421,000 after acquiring an additional 269,759 shares during the last quarter. Institutional investors and hedge funds 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.