Morgan Stanley Issues Positive Forecast for TD SYNNEX (NYSE:SNX) Stock Price

TD SYNNEX (NYSE:SNX - Get Free Report) had its price objective raised by stock analysts at Morgan Stanley from $145.00 to $155.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the business services provider's stock. Morgan Stanley's price target would indicate a potential upside of 13.60% from the stock's previous close.

Other research analysts have also issued reports about the company. Barrington Research reissued an "outperform" rating and set a $156.00 price target on shares of TD SYNNEX in a research report on Monday. JPMorgan Chase & Co. decreased their target price on shares of TD SYNNEX from $125.00 to $120.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Royal Bank Of Canada reduced their price objective on TD SYNNEX from $165.00 to $145.00 and set an "outperform" rating for the company in a research report on Friday, April 11th. Barclays dropped their target price on TD SYNNEX from $148.00 to $125.00 and set an "equal weight" rating on the stock in a research report on Friday, March 28th. Finally, UBS Group cut their price target on TD SYNNEX from $150.00 to $138.00 and set a "buy" rating for the company in a research note on Friday, March 28th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $139.00.

TD SYNNEX Price Performance

Shares of NYSE:SNX traded down $0.44 on Wednesday, reaching $136.44. 767,563 shares of the company traded hands, compared to its average volume of 825,249. The stock has a market capitalization of $11.45 billion, a PE ratio of 17.03, a P/E/G ratio of 1.09 and a beta of 1.29. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.27 and a quick ratio of 0.74. The company's 50 day moving average is $119.40 and its 200-day moving average is $124.11. TD SYNNEX has a fifty-two week low of $92.23 and a fifty-two week high of $145.10.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its quarterly earnings data on Tuesday, June 24th. The business services provider reported $2.99 EPS for the quarter, beating analysts' consensus estimates of $2.71 by $0.28. TD SYNNEX had a net margin of 1.16% and a return on equity of 11.54%. The company had revenue of $14.95 billion during the quarter, compared to analyst estimates of $14.30 billion. During the same period in the prior year, the firm earned $2.73 earnings per share. The business's quarterly revenue was up 7.2% on a year-over-year basis. As a group, analysts anticipate that TD SYNNEX will post 11.88 earnings per share for the current fiscal year.

Insider Activity

In other TD SYNNEX news, CFO Marshall Witt sold 1,509 shares of the business's stock in a transaction 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 now owns 49,563 shares of the company's stock, valued at $6,212,722.05. The trade was a 2.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Miriam Anne Murphy sold 3,000 shares of the firm's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $110.00, for a total value of $330,000.00. Following the completion of the sale, the insider now directly owns 14,883 shares in the company, valued at approximately $1,637,130. This represents a 16.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Voya Investment Management LLC grew its stake in shares of TD SYNNEX by 27.4% in the first quarter. Voya Investment Management LLC now owns 33,490 shares of the business services provider's stock worth $3,482,000 after acquiring an additional 7,212 shares during the last quarter. Strs Ohio acquired a new position in shares of TD SYNNEX during the first quarter valued at about $1,913,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of TD SYNNEX by 6.6% in the first 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 valued at $21,226,000 after buying an additional 12,615 shares during the period. Empowered Funds LLC grew its position in TD SYNNEX by 4.8% during the first quarter. Empowered Funds LLC now owns 69,497 shares of the business services provider's stock worth $7,225,000 after buying an additional 3,156 shares in the last quarter. Finally, United Services Automobile Association bought a new position in TD SYNNEX during the first quarter valued at about $475,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.

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