Morgan Stanley Raises TD SYNNEX (NYSE:SNX) Price Target to $271.00

TD SYNNEX (NYSE:SNX) had its price objective increased by analysts at Morgan Stanley from $218.00 to $271.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the business services provider’s stock. Morgan Stanley’s target price points to a potential upside of 21.41% from the stock’s previous close.

A number of other analysts have also commented on SNX. JPMorgan Chase & Co. increased their price objective on TD SYNNEX from $185.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Barclays increased their target price on TD SYNNEX from $163.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 1st. Barrington Research reiterated an “outperform” rating and set a $182.00 target price on shares of TD SYNNEX in a research report on Friday, March 27th. Zacks Research upgraded TD SYNNEX from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 6th. Finally, Wall Street Zen upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $196.20.

TD SYNNEX Price Performance

Shares of SNX traded up $8.02 during trading hours on Wednesday, reaching $223.21. 561,138 shares of the company traded hands, compared to its average volume of 814,822. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $17.94 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 1.10 and a beta of 1.23. TD SYNNEX has a fifty-two week low of $107.15 and a fifty-two week high of $224.43. The stock has a fifty day simple moving average of $171.32 and a 200 day simple moving average of $160.04.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, beating analysts’ consensus estimates of $3.24 by $1.49. The business had revenue of $17.16 billion for the quarter, compared to analyst estimates of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.80 earnings per share. As a group, research analysts predict that TD SYNNEX will post 15.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Miriam Anne Murphy sold 3,025 shares of the firm’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $200.14, for a total value of $605,423.50. Following the transaction, the insider directly owned 10,820 shares in the company, valued at $2,165,514.80. This trade represents a 21.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Merline Saintil sold 167 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total value of $26,344.25. Following the completion of the transaction, the director owned 6,995 shares in the company, valued at approximately $1,103,461.25. This trade represents a 2.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 82,165 shares of company stock worth $13,559,368. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Several hedge funds have recently modified their holdings of the stock. Cornerstone Wealth Management LLC raised its holdings in shares of TD SYNNEX by 3.8% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 1,895 shares of the business services provider’s stock valued at $310,000 after buying an additional 69 shares during the period. Ashton Thomas Private Wealth LLC raised its holdings in shares of TD SYNNEX by 3.5% during 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 buying an additional 71 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of TD SYNNEX by 1.0% during the 4th quarter. Quadrant Capital Group LLC now owns 7,588 shares of the business services provider’s stock valued at $1,140,000 after buying an additional 73 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of TD SYNNEX by 10.6% during the 3rd quarter. Jones Financial Companies Lllp now owns 775 shares of the business services provider’s stock valued at $127,000 after buying an additional 74 shares during the period. Finally, Ossiam raised its holdings in shares of TD SYNNEX by 84.3% during the 3rd quarter. Ossiam now owns 164 shares of the business services provider’s stock valued at $27,000 after buying an additional 75 shares during the period. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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.