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

TD SYNNEX (NYSE:SNX) had its price objective increased by Royal Bank of Canada from $140.00 to $165.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the business services provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 16.51% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Cfra raised shares of TD SYNNEX from a “hold” rating to a “buy” rating and upped their price target for the stock from $122.00 to $147.00 in a research note on Friday, January 10th. Barclays raised their price target on TD SYNNEX from $132.00 to $148.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. StockNews.com raised TD SYNNEX from a “hold” rating to a “buy” rating in a research note on Saturday, February 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of TD SYNNEX from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $147.50.

TD SYNNEX Stock Performance

Shares of SNX opened at $141.61 on Friday. TD SYNNEX has a 52 week low of $101.21 and a 52 week high of $145.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.76 and a current ratio of 1.24. The company has a market capitalization of $11.95 billion, a PE ratio of 17.79, a PEG ratio of 1.06 and a beta of 1.49. The company’s 50 day moving average price is $132.56 and its 200 day moving average price is $123.40.

Insider Buying and Selling

In other TD SYNNEX news, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were 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 owns 111,080 shares of the company’s stock, valued at $13,065,229.60. The trade was a 15.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann F. Vezina sold 839 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $136.08, for a total value of $114,171.12. Following the completion of the sale, the director now directly owns 4,856 shares in the company, valued at $660,804.48. This trade represents a 14.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders 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

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its holdings in TD SYNNEX by 170.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,714 shares of the business services provider’s stock valued at $9,812,000 after acquiring an additional 51,465 shares in the last quarter. Foundations Investment Advisors LLC acquired a new position in shares of TD SYNNEX in the third quarter valued at $212,000. International Assets Investment Management LLC lifted its position in TD SYNNEX by 11,908.3% in the third quarter. International Assets Investment Management LLC now owns 1,441 shares of the business services provider’s stock worth $173,000 after purchasing an additional 1,429 shares during the period. Highland Capital Management LLC acquired a new stake in TD SYNNEX during the third quarter worth $215,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in TD SYNNEX by 10.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,409 shares of the business services provider’s stock valued at $169,000 after buying an additional 133 shares during the period. 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.