TD SYNNEX (NYSE:SNX) Raised to "Strong-Buy" at Zacks Research

Key Points

• TD SYNNEX has been upgraded to a "Strong-Buy" rating by Zacks Research, reflecting a positive outlook from analysts.
• Multiple brokerages have raised their target prices for TD SYNNEX, with Barclays setting it at $164.00 and Bank of America at $180.00.
• The stock currently has an average rating of "Moderate Buy" and an average price target of $169.55 according to MarketBeat.com.

TD SYNNEX (NYSE:SNX - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

Several other brokerages have also commented on SNX. Barclays lifted their target price on TD SYNNEX from $140.00 to $164.00 and gave the stock an "equal weight" rating in a research report on Friday, September 26th. Bank of America lifted their price objective on shares of TD SYNNEX from $170.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, September 26th. Barrington Research raised their price target on shares of TD SYNNEX from $156.00 to $182.00 and gave the stock an "outperform" rating in a research report on Monday. The Goldman Sachs Group increased their target price on TD SYNNEX from $145.00 to $164.00 and gave the stock a "buy" rating in a research report on Thursday, September 25th. Finally, JPMorgan Chase & Co. increased their price objective on TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $169.55.

TD SYNNEX Stock Performance

Shares of SNX stock opened at $163.96 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.71 and a current ratio of 1.20. The stock has a market capitalization of $13.52 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 1.28 and a beta of 1.43. TD SYNNEX has a one year low of $92.23 and a one year high of $167.76. The company's 50-day simple moving average is $150.00 and its 200-day simple moving average is $131.76.

Insider Activity at TD SYNNEX

In other news, insider Alim Dhanji sold 1,257 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $142.41, for a total transaction of $179,009.37. Following the sale, the insider owned 10,984 shares in the company, valued at $1,564,231.44. The trade was a 10.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Marshall Witt sold 861 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $149.84, for a total transaction of $129,012.24. Following the completion of the transaction, the chief financial officer directly owned 49,777 shares of the company's stock, valued at $7,458,585.68. This represents a 1.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,930 shares of company stock worth $430,163 in the last quarter. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its position in TD SYNNEX by 24.8% during the third quarter. GAMMA Investing LLC now owns 1,010 shares of the business services provider's stock valued at $165,000 after buying an additional 201 shares during the period. Texas Permanent School Fund Corp increased its holdings in shares of TD SYNNEX by 6.1% in the 2nd quarter. Texas Permanent School Fund Corp now owns 74,306 shares of the business services provider's stock valued at $10,083,000 after purchasing an additional 4,243 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of TD SYNNEX by 28.8% during the second quarter. Thrivent Financial for Lutherans now owns 921,530 shares of the business services provider's stock worth $125,052,000 after purchasing an additional 206,081 shares during the period. Corient Private Wealth LLC lifted its position in TD SYNNEX by 74.7% in the 2nd quarter. Corient Private Wealth LLC now owns 82,736 shares of the business services provider's stock worth $11,227,000 after buying an additional 35,382 shares in the last quarter. Finally, Captrust Financial Advisors boosted its stake in shares of TD SYNNEX by 7.6% during the 2nd quarter. Captrust Financial Advisors now owns 8,831 shares of the business services provider's stock valued at $1,198,000 after buying an additional 625 shares during the period. Hedge funds and other institutional investors 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.

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