TD SYNNEX (NYSE:SNX) Upgraded to Buy at Wall Street Zen

TD SYNNEX (NYSE:SNX - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Friday.

Several other research firms also recently issued reports on SNX. Morgan Stanley set a $155.00 price target on shares of TD SYNNEX and gave the stock an "overweight" rating in a research note on Wednesday. Cfra dropped their target price on shares of TD SYNNEX from $147.00 to $132.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Barrington Research reissued an "outperform" rating and issued a $156.00 target price on shares of TD SYNNEX in a research report on Monday. The Goldman Sachs Group dropped their target price on shares of TD SYNNEX from $154.00 to $137.00 and set a "buy" rating for the company in a research report on Friday, March 28th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $145.00 target price on shares of TD SYNNEX in a research report on Wednesday. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $140.50.

TD SYNNEX Stock Down 1.7%

TD SYNNEX stock traded down $2.28 during midday trading on Friday, hitting $134.72. 1,917,158 shares of the stock were exchanged, compared to its average volume of 742,475. TD SYNNEX has a 1 year low of $92.23 and a 1 year high of $145.10. The firm has a market cap of $11.31 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.15 and a beta of 1.29. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.26 and a quick ratio of 0.74. The company has a 50 day moving average price of $121.26 and a two-hundred day moving average price of $124.38.

TD SYNNEX (NYSE:SNX - Get Free Report) last released its quarterly earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.28. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The firm had revenue of $14.95 billion for the quarter, compared to the consensus estimate of $14.30 billion. During the same quarter in the previous year, the firm posted $2.73 EPS. The firm's quarterly revenue was up 7.2% on a year-over-year basis. On average, sell-side analysts predict that TD SYNNEX will post 11.88 earnings per share for the current fiscal year.

Insider Activity at TD SYNNEX

In related news, CFO Marshall Witt sold 1,509 shares of the business's stock in a transaction dated 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 sale, the chief financial officer now owns 49,563 shares of the company's stock, valued at $6,212,722.05. This represents a 2.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Miriam Anne Murphy sold 3,000 shares of the business's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $110.00, for a total transaction of $330,000.00. Following the transaction, the insider now directly owns 14,883 shares of the company's stock, valued at $1,637,130. The trade was 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 hedge funds and other institutional investors have recently bought and sold shares of the company. Voya Investment Management LLC boosted its stake in TD SYNNEX by 27.4% during the 1st quarter. Voya Investment Management LLC now owns 33,490 shares of the business services provider's stock valued at $3,482,000 after purchasing an additional 7,212 shares during the period. Strs Ohio acquired a new stake in shares of TD SYNNEX in the 1st quarter worth approximately $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 1st 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 worth $21,226,000 after acquiring an additional 12,615 shares during the period. Empowered Funds LLC lifted its stake in shares of TD SYNNEX by 4.8% in the 1st quarter. Empowered Funds LLC now owns 69,497 shares of the business services provider's stock worth $7,225,000 after acquiring an additional 3,156 shares during the period. Finally, United Services Automobile Association acquired a new stake in shares of TD SYNNEX in the 1st quarter worth approximately $475,000. 84.00% of the stock is 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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