TD SYNNEX (NYSE:SNX) Earns Outperform Rating from Barrington Research

Key Points

• Barrington Research reaffirmed its outperform rating on TD SYNNEX, while several other analysts recently raised price targets and/or maintained bullish ratings on the stock.
• The consensus among analysts is a Moderate Buy, with 9 Buy ratings and 2 Hold ratings and an average target price of $233.10.
• TD SYNNEX reported strong quarterly results, with EPS of $4.73 and revenue of $17.16 billion, both well above estimates, though insiders have sold shares in recent months.

TD SYNNEX (NYSE:SNX - Get Free Report)'s stock had its "outperform" rating reaffirmed by research analysts at Barrington Research in a note issued to investors on Tuesday,Benzinga reports.

A number of other equities research analysts also recently weighed in on the company. UBS Group upped their target price on TD SYNNEX from $265.00 to $310.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th. Weiss Ratings raised TD SYNNEX from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday, June 2nd. Royal Bank Of Canada upped their price target on TD SYNNEX from $250.00 to $315.00 and gave the company an "outperform" rating in a report on Wednesday, June 10th. Morgan Stanley upped their price target on TD SYNNEX from $172.00 to $174.00 and gave the company an "overweight" rating in a report on Friday, March 20th. Finally, Barclays upped their price target on TD SYNNEX from $166.00 to $237.00 and gave the company an "equal weight" rating in a report on Friday, May 29th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $233.10.

TD SYNNEX Price Performance

SNX traded down $0.81 during trading on Tuesday, reaching $283.84. The stock had a trading volume of 212,403 shares, compared to its average volume of 783,571. The firm has a market capitalization of $22.82 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.43. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. TD SYNNEX has a 1-year low of $123.28 and a 1-year high of $288.50. The stock has a 50 day moving average of $234.91 and a two-hundred day moving average of $184.30.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, topping analysts' consensus estimates of $3.24 by $1.49. The firm had revenue of $17.16 billion during the quarter, compared to the consensus estimate of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The firm's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.80 earnings per share. As a group, equities analysts anticipate that TD SYNNEX will post 15.88 EPS for the current fiscal year.

Insider Buying and Selling at TD SYNNEX

In other TD SYNNEX news, insider Miriam Anne Murphy sold 3,025 shares of the business's stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total transaction of $605,423.50. Following the sale, the insider directly owned 10,820 shares of the company's stock, valued at $2,165,514.80. The trade was a 21.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David Gregory Jordan sold 3,225 shares of the business's stock in a transaction on Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the sale, the chief financial officer directly owned 14,035 shares in the company, valued at approximately $2,659,071.10. This trade represents a 18.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,250 shares of company stock valued at $4,935,282 in the last three months. 0.70% of the stock is currently owned by company insiders.

Institutional Trading of TD SYNNEX

Large investors have recently added to or reduced their stakes in the company. Ossiam increased its stake in shares of TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Dorato Capital Management acquired a new position in shares of TD SYNNEX in the fourth quarter worth $27,000. Measured Wealth Private Client Group LLC acquired a new position in shares of TD SYNNEX in the third quarter worth $30,000. Aster Capital Management DIFC Ltd acquired a new position in shares of TD SYNNEX in the fourth quarter worth $28,000. Finally, SJS Investment Consulting Inc. increased its stake in shares of TD SYNNEX by 44.6% in the first quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider's stock worth $34,000 after acquiring an additional 62 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

TD SYNNEX Company Profile

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.

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