UBS Group Increases TD SYNNEX (NYSE:SNX) Price Target to $310.00

Key Points

• UBS Group raised its price target on TD SYNNEX to $310 from $265 and kept a buy rating, implying about 16% upside from the current share price.
• Analyst sentiment remains generally positive overall, with nine Buy ratings and two Hold ratings; the stock’s consensus target is $217.10, though some firms have recently trimmed or adjusted their views.
• TD SYNNEX recently reported strong quarterly results, beating earnings and revenue estimates, while shares traded at $267.34 on the day of the report after earlier reaching a 52-week high of $286.25.

TD SYNNEX (NYSE:SNX - Get Free Report) had its price objective raised by stock analysts at UBS Group from $265.00 to $310.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the business services provider's stock. UBS Group's price target suggests a potential upside of 15.96% from the company's current price.

Several other brokerages have also recently issued reports on SNX. Zacks Research cut shares of TD SYNNEX from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. Wall Street Zen raised shares of TD SYNNEX from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Barclays increased their price objective on TD SYNNEX from $166.00 to $237.00 and gave the stock an "equal weight" rating in a research report on Friday, May 29th. Morgan Stanley raised their target price on TD SYNNEX from $172.00 to $174.00 and gave the stock an "overweight" rating in a research note on Friday, March 20th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $182.00 price target on shares of TD SYNNEX in a research note on Friday, March 27th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $217.10.

TD SYNNEX Price Performance

Shares of SNX stock traded down $4.44 on Tuesday, reaching $267.34. 98,866 shares of the company were exchanged, compared to its average volume of 785,844. TD SYNNEX has a 1 year low of $122.96 and a 1 year high of $286.25. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. The business has a 50-day moving average price of $224.41 and a 200 day moving average price of $179.75. The company has a market cap of $21.49 billion, a price-to-earnings ratio of 22.26, a P/E/G ratio of 1.16 and a beta of 1.43.

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

Insiders Place Their Bets

In other news, 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 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard T. Hume sold 5,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $280.38, for a total value of $1,401,900.00. Following the completion of the sale, the director owned 23,537 shares in the company, valued at approximately $6,599,304.06. The trade was a 17.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,250 shares of company stock worth $4,935,282 in the last ninety days. 0.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TD SYNNEX

Hedge funds have recently bought and sold shares of the stock. Gamco Investors INC. ET AL increased its stake in shares of 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 period. Essex Financial Services Inc. lifted its stake in TD SYNNEX by 2.9% in 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 during the last quarter. Kesler Norman & Wride LLC grew its holdings in TD SYNNEX by 0.7% during the 1st quarter. Kesler Norman & Wride LLC now owns 8,581 shares of the business services provider's stock worth $1,448,000 after acquiring an additional 61 shares in the last quarter. SJS Investment Consulting Inc. increased its position in shares of TD SYNNEX by 44.6% in the 1st quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider's stock valued at $34,000 after purchasing an additional 62 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC increased its position in shares of TD SYNNEX by 3.5% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 2,107 shares of the business services provider's stock valued at $317,000 after purchasing an additional 71 shares during the last quarter. Institutional investors and hedge funds 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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