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

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

SNX has been the subject of several other research reports. Zacks Research upgraded TD SYNNEX from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 6th. Barrington Research reiterated an “outperform” rating and issued a $182.00 target price on shares of TD SYNNEX in a research report on Friday, March 27th. Royal Bank Of Canada lifted their target price on TD SYNNEX from $180.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 1st. Barclays boosted their price objective on TD SYNNEX from $163.00 to $166.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 1st. Finally, Wall Street Zen upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, TD SYNNEX currently has an average rating of “Moderate Buy” and a consensus price target of $196.20.

TD SYNNEX Stock Up 3.7%

NYSE SNX traded up $8.02 during mid-day trading on Wednesday, reaching $223.21. 561,138 shares of the company’s stock traded hands, compared to its average volume of 814,822. TD SYNNEX has a 1-year low of $107.15 and a 1-year high of $224.43. The company has a fifty day simple moving average of $171.32 and a 200-day simple moving average of $160.04. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. The company has a market cap of $17.94 billion, a price-to-earnings ratio of 18.56, a P/E/G ratio of 1.10 and a beta of 1.23.

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

Insider Activity

In other news, Director Merline Saintil sold 167 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total value of $26,344.25. Following the sale, the director owned 6,995 shares of the company’s stock, valued at approximately $1,103,461.25. The trade was a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Patrick Zammit sold 13,900 shares of the business’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $171.57, for a total value of $2,384,823.00. Following the completion of the sale, the chief executive officer directly owned 170,928 shares in the company, valued at $29,326,116.96. This represents a 7.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 82,165 shares of company stock worth $13,559,368 over the last ninety days. 0.70% of the stock is currently owned by company insiders.

Institutional Trading of TD SYNNEX

A number of hedge funds and other institutional investors have recently modified their holdings of SNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of TD SYNNEX by 9.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,820 shares of the business services provider’s stock worth $1,749,000 after buying an additional 1,460 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of TD SYNNEX by 5.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 179,210 shares of the business services provider’s stock worth $18,631,000 after acquiring an additional 9,815 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings 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 last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of TD SYNNEX in the 2nd quarter worth $818,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of TD SYNNEX by 17.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 852 shares of the business services provider’s stock worth $116,000 after acquiring an additional 126 shares during the last quarter. Institutional investors own 84.00% of the company’s stock.

About TD SYNNEX

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.