Royal Bank of Canada Forecasts Strong Price Appreciation for TD SYNNEX (NYSE:SNX) Stock

TD SYNNEX (NYSE:SNX) had its price objective increased by investment analysts at Royal Bank of Canada from $140.00 to $165.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the business services provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 16.07% from the company’s previous close.

SNX has been the topic of several other reports. Barclays boosted their price target on shares of TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. StockNews.com raised shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 15th. Cfra raised shares of TD SYNNEX from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $122.00 to $147.00 in a research report on Friday, January 10th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of TD SYNNEX from $135.00 to $150.00 and gave the stock a “neutral” rating in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, TD SYNNEX presently has a consensus rating of “Moderate Buy” and an average target price of $147.50.

TD SYNNEX Stock Down 0.8 %

Shares of NYSE SNX traded down $1.15 during mid-day trading on Friday, reaching $142.16. 59,006 shares of the company’s stock traded hands, compared to its average volume of 639,709. The stock has a market cap of $11.99 billion, a P/E ratio of 17.87, a PEG ratio of 1.07 and a beta of 1.49. The business has a 50-day simple moving average of $132.19 and a 200 day simple moving average of $123.08. TD SYNNEX has a 1-year low of $101.21 and a 1-year high of $145.10. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76.

Insider Buying and Selling

In other TD SYNNEX news, CEO Patrick Zammit sold 6,823 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $143.00, for a total value of $975,689.00. Following the completion of the transaction, the chief executive officer now owns 165,604 shares of the company’s stock, valued at $23,681,372. The trade was a 3.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $117.62, for a total transaction of $2,352,400.00. Following the completion of the transaction, the director now directly owns 111,080 shares of the company’s stock, valued at approximately $13,065,229.60. This represents a 15.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,289 shares of company stock valued at $3,639,500. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

A number of institutional investors have recently made changes to their positions in SNX. FMR LLC boosted its stake in shares of TD SYNNEX by 18.4% in the 3rd quarter. FMR LLC now owns 7,425,592 shares of the business services provider’s stock valued at $891,665,000 after purchasing an additional 1,154,651 shares in the last quarter. Norges Bank purchased a new stake in shares of TD SYNNEX in the 4th quarter valued at $121,199,000. Ninety One UK Ltd boosted its stake in shares of TD SYNNEX by 75.4% in the 4th quarter. Ninety One UK Ltd now owns 2,364,563 shares of the business services provider’s stock valued at $277,316,000 after purchasing an additional 1,016,251 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of TD SYNNEX by 343.2% in the 4th quarter. Nuveen Asset Management LLC now owns 1,210,036 shares of the business services provider’s stock valued at $141,913,000 after purchasing an additional 937,040 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of TD SYNNEX by 37.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock valued at $361,707,000 after purchasing an additional 813,634 shares in the last quarter. Hedge funds and other institutional investors own 84.00% of the company’s stock.

About TD SYNNEX

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.