TD SYNNEX (NYSE:SNX) Rating Increased to Buy at StockNews.com

TD SYNNEX (NYSE:SNX - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Tuesday.

SNX has been the topic of several other reports. Royal Bank of Canada increased their price objective on shares of TD SYNNEX from $140.00 to $165.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. JPMorgan Chase & Co. increased their target price on TD SYNNEX from $135.00 to $150.00 and gave the stock a "neutral" rating in a research report on Monday, January 13th. Cfra upgraded 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. Finally, Barclays increased their target price on shares of TD SYNNEX from $132.00 to $148.00 and gave the stock an "equal weight" 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.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $149.75.

TD SYNNEX Price Performance

Shares of NYSE SNX traded down $1.81 on Tuesday, hitting $127.77. The company's stock had a trading volume of 1,808,968 shares, compared to its average volume of 729,836. The stock has a 50 day moving average of $137.36 and a 200-day moving average of $125.40. The company has a market capitalization of $10.78 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 1.06 and a beta of 1.51. TD SYNNEX has a 12-month low of $104.93 and a 12-month 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.

Remove Ads

Insider Activity

In other news, CEO Patrick Zammit sold 6,823 shares of TD SYNNEX 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 transaction, the chief executive officer now owns 165,604 shares of the company's stock, valued at $23,681,372. This trade represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard T. Hume sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $117.62, for a total value of $2,352,400.00. Following the completion of the sale, the director now directly owns 111,080 shares in the company, valued at $13,065,229.60. This trade represents a 15.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,172 shares of company stock worth $6,353,261. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TD SYNNEX

A number of hedge funds have recently modified their holdings of SNX. Bartlett & CO. Wealth Management LLC lifted its position in shares of TD SYNNEX by 345.1% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 227 shares of the business services provider's stock worth $27,000 after purchasing an additional 176 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of TD SYNNEX by 174.7% in the 4th quarter. Bessemer Group Inc. now owns 239 shares of the business services provider's stock valued at $28,000 after purchasing an additional 152 shares during the period. UMB Bank n.a. grew its stake in shares of TD SYNNEX by 48.4% during the fourth quarter. UMB Bank n.a. now owns 429 shares of the business services provider's stock worth $50,000 after purchasing an additional 140 shares during the period. Point72 DIFC Ltd acquired a new position in TD SYNNEX in the third quarter valued at about $55,000. Finally, Blue Trust Inc. grew its position in shares of TD SYNNEX by 37.7% during the 4th quarter. Blue Trust Inc. now owns 471 shares of the business services provider's stock worth $55,000 after buying an additional 129 shares during the period. 84.00% of the stock is owned by institutional investors and hedge funds.

TD SYNNEX Company Profile

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.