TD SYNNEX (NYSE:SNX) Given New $237.00 Price Target at Barclays

Key Points

• Barclays raised its price target on TD SYNNEX from $166 to $237, while keeping an “equal weight” rating. The new target still implies downside from the stock’s prior close.
• Analyst sentiment is generally positive, with several firms recently boosting targets or ratings, including RBC, UBS, and JPMorgan. MarketBeat says the stock now has a consensus “Buy” rating and an average price target of $212.60.
• TD SYNNEX reported stronger-than-expected quarterly results, posting EPS of $4.73 versus estimates of $3.24 on revenue of $17.16 billion. Revenue rose 18.1% year over year, helping support the stock’s recent gain.

TD SYNNEX (NYSE:SNX - Get Free Report) had its price objective increased by equities research analysts at Barclays from $166.00 to $237.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the business services provider's stock. Barclays's target price indicates a potential downside of 9.01% from the stock's previous close.

Several other analysts have also recently commented on SNX. Royal Bank Of Canada raised their target price on TD SYNNEX from $210.00 to $250.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of TD SYNNEX in a research report on Monday, May 4th. UBS Group lifted their price target on TD SYNNEX from $193.00 to $265.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Barrington Research reiterated an "outperform" rating and issued a $182.00 price target on shares of TD SYNNEX in a research report on Friday, March 27th. Finally, JPMorgan Chase & Co. raised shares of TD SYNNEX from a "neutral" rating to an "overweight" rating and set a $298.00 target price on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $212.60.

TD SYNNEX Stock Up 5.8%

NYSE SNX traded up $14.24 on Friday, hitting $260.46. 1,741,644 shares of the stock traded hands, compared to its average volume of 786,935. The stock has a 50-day moving average of $208.35 and a 200 day moving average of $173.71. TD SYNNEX has a twelve month low of $118.35 and a twelve month high of $264.81. The company has a market capitalization of $20.94 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 1.08 and a beta of 1.40. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.24 by $1.49. The company had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The company's revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the firm posted $2.80 EPS. As a group, analysts expect that TD SYNNEX will post 15.69 earnings per share for the current fiscal year.

Insider Buying and Selling at TD SYNNEX

In other news, Director Richard T. Hume sold 5,000 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $229.54, for a total transaction of $1,147,700.00. Following the completion of the sale, the director owned 28,537 shares in the company, valued at approximately $6,550,382.98. This represents a 14.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Miriam Anne Murphy sold 3,025 shares of the company's stock in a transaction on Thursday, April 9th. The stock was 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 approximately $2,165,514.80. This represents a 21.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 16,417 shares of company stock valued at $3,559,726. 0.70% of the stock is currently owned by insiders.

Institutional Trading of TD SYNNEX

Several hedge funds have recently added to or reduced their stakes in SNX. State Street Corp boosted its holdings in TD SYNNEX by 0.4% in the 3rd quarter. State Street Corp now owns 2,372,733 shares of the business services provider's stock valued at $388,535,000 after purchasing an additional 9,024 shares during the period. Ninety One UK Ltd lifted its position in shares of TD SYNNEX by 13.1% during the 4th quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider's stock worth $334,876,000 after buying an additional 258,630 shares during the period. LSV Asset Management lifted its holdings in TD SYNNEX by 16.1% during the 4th quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider's stock valued at $313,471,000 after purchasing an additional 288,625 shares during the last quarter. Geode Capital Management LLC lifted its holdings in TD SYNNEX by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider's stock valued at $230,315,000 after purchasing an additional 99,090 shares during the last quarter. Finally, Metropolis Capital Ltd lifted its holdings in TD SYNNEX by 9.5% during the 1st quarter. Metropolis Capital Ltd now owns 1,281,307 shares of the business services provider's stock valued at $216,169,000 after purchasing an additional 111,222 shares during the last quarter. Institutional investors own 84.00% of the company's stock.

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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