TD SYNNEX (NYSE:SNX) Stock Price Up 5.4% – Here’s Why

TD SYNNEX Co. (NYSE:SNX) shares were up 5.4% during mid-day trading on Friday . The stock traded as high as $129.01 and last traded at $128.66. Approximately 78,568 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 496,267 shares. The stock had previously closed at $122.10.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Barrington Research restated an “outperform” rating and set a $138.00 target price on shares of TD SYNNEX in a report 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. Loop Capital reiterated a “buy” rating and set a $150.00 target price on shares of TD SYNNEX in a report on Monday, October 7th. Barclays boosted their price target on TD SYNNEX from $131.00 to $132.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 target price on shares of TD SYNNEX in a research report on Tuesday. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $134.75.

TD SYNNEX Trading Up 5.0 %

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.25. The business’s 50-day moving average price is $119.77 and its 200 day moving average price is $117.85. The company has a market cap of $10.91 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.14 and a beta of 1.46.

Insiders Place Their Bets

In other news, insider Simon Leung sold 6,249 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 owns 23,339 shares in the company, valued at $2,874,664.63. The trade was a 21.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $120.72, for a total value of $2,414,400.00. Following the transaction, the director now owns 171,080 shares in the company, valued at approximately $20,652,777.60. This trade represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,876 shares of company stock valued at $8,196,529 over the last 90 days. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TD SYNNEX

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its holdings in TD SYNNEX by 18.4% in the 3rd quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock valued at $891,665,000 after acquiring an additional 1,154,651 shares in the last quarter. Pacer Advisors Inc. grew its stake 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. increased its holdings 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 period. Thrivent Financial for Lutherans raised its position in shares of TD SYNNEX by 560.0% in 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 buying an additional 315,424 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of 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 period. Institutional investors and hedge funds own 84.00% of the company’s stock.

TD SYNNEX Company Profile

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.