TD SYNNEX (NYSE:SNX) Hits New 1-Year High - Here's Why

Key Points

• TD SYNNEX shares reached a new 52-week high of $298.77, supported by strong recent momentum and a consensus analyst rating of “Moderate Buy.” Eight analysts rate the stock a Buy, compared with two Holds, with an average price target of $291.22.
• The company reported quarterly results well above expectations, with EPS of $4.85 versus the $4.14 consensus estimate and revenue of $19.57 billion versus $16.80 billion expected. Revenue increased 31% year over year.
• Institutional investors own approximately 84% of TD SYNNEX, while insiders sold 11,273 shares worth about $2.85 million during the latest quarter.

TD SYNNEX Corporation (NYSE:SNX - Get Free Report) shares hit a new 52-week high during trading on Thursday . The company traded as high as $298.77 and last traded at $288.12, with a volume of 2575230 shares changing hands. The stock had previously closed at $283.25.

Analyst Ratings Changes

Several equities research analysts have issued reports on SNX shares. Morgan Stanley cut their price objective on shares of TD SYNNEX from $374.00 to $334.00 and set an "overweight" rating for the company in a research report on Tuesday, September 15th. Barrington Research upped their target price on TD SYNNEX from $202.00 to $325.00 and gave the company an "outperform" rating in a research report on Friday, June 26th. Zacks Research lowered TD SYNNEX from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. Weiss Ratings reissued a "buy (b)" rating on shares of TD SYNNEX in a report on Monday, September 14th. Finally, JPMorgan Chase & Co. upgraded TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 price target for the company in a research note on Wednesday, May 27th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $291.22.

TD SYNNEX Trading Up 1.7%

The business's 50 day moving average price is $256.64 and its two-hundred day moving average price is $236.49. The company has a current ratio of 1.20, a quick ratio of 0.64 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $23.04 billion, a price-to-earnings ratio of 20.62, a P/E/G ratio of 0.79 and a beta of 1.43.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings data on Thursday, June 25th. The business services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.14 by $0.71. TD SYNNEX had a net margin of 1.63% and a return on equity of 15.37%. The business had revenue of $19.57 billion during the quarter, compared to analysts' expectations of $16.80 billion. During the same period in the prior year, the company earned $2.99 EPS. The firm's quarterly revenue was up 31.0% compared to the same quarter last year. On average, equities analysts predict that TD SYNNEX Corporation will post 18.16 earnings per share for the current fiscal year.

Insider Buying and Selling at TD SYNNEX

In other news, Director Ann Vezina sold 1,273 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $256.05, for a total value of $325,951.65. Following the completion of the transaction, the director directly owned 5,828 shares in the company, valued at approximately $1,492,259.40. This represents a 17.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Hume sold 5,000 shares of the firm's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $242.97, for a total value of $1,214,850.00. Following the sale, the director directly owned 18,537 shares in the company, valued at approximately $4,503,934.89. This trade represents a 21.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 11,273 shares of company stock valued at $2,851,852 over the last quarter. Company insiders own 0.70% of the company's stock.

Institutional Trading of TD SYNNEX

Several hedge funds and other institutional investors have recently made changes to their positions in SNX. Parkside Financial Bank & Trust increased its stake in TD SYNNEX by 32.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 158 shares of the business services provider's stock valued at $42,000 after purchasing an additional 39 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in TD SYNNEX by 1.1% during the first quarter. Gamco Investors INC. ET AL now owns 4,667 shares of the business services provider's stock worth $787,000 after buying an additional 52 shares during the last quarter. Essex Financial Services Inc. increased its position in shares of TD SYNNEX by 2.9% during the first quarter. Essex Financial Services Inc. now owns 1,957 shares of the business services provider's stock worth $330,000 after acquiring an additional 56 shares in the last quarter. Capital Analysts LLC raised its holdings in shares of TD SYNNEX by 10.9% in the 2nd quarter. Capital Analysts LLC now owns 598 shares of the business services provider's stock worth $160,000 after acquiring an additional 59 shares during the last quarter. Finally, Waverly Advisors LLC boosted its stake in TD SYNNEX by 0.8% during the 2nd quarter. Waverly Advisors LLC now owns 7,472 shares of the business services provider's stock valued at $1,998,000 after purchasing an additional 60 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors.

TD SYNNEX Company Profile

TD SYNNEX Corporation NYSE: SNX is a global technology distributor and solutions aggregator that connects technology manufacturers with resellers, systems integrators, managed service providers and other business partners. The company helps its partners design, procure, configure and deliver technology solutions to organizations across a range of industries.

Its portfolio includes personal computing devices, peripherals, networking equipment, data-center infrastructure, cybersecurity products, software and cloud services.

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