Royal Bank of Canada Has Lowered Expectations for TD SYNNEX (NYSE:SNX) Stock Price

TD SYNNEX (NYSE:SNX) had its target price decreased by analysts at Royal Bank of Canada from $165.00 to $145.00 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 target price would indicate a potential upside of 42.40% from the stock’s current price.

SNX has been the subject of a number of other research reports. Barrington Research reaffirmed an “outperform” rating and issued a $156.00 price target on shares of TD SYNNEX in a research note on Friday, March 28th. The Goldman Sachs Group dropped their target price on shares of TD SYNNEX from $154.00 to $137.00 and set a “buy” rating for the company in a research report on Friday, March 28th. StockNews.com downgraded shares of TD SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. JPMorgan Chase & Co. decreased their price objective on shares of TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating on the stock in a research note on Friday, March 28th. Finally, Barclays cut their target price on TD SYNNEX from $148.00 to $125.00 and set an “equal weight” rating for the company in a research note on Friday, March 28th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.22.

TD SYNNEX Stock Performance

NYSE SNX opened at $101.83 on Friday. TD SYNNEX has a 12-month low of $92.23 and a 12-month high of $145.10. The firm has a 50-day moving average price of $126.24 and a two-hundred day moving average price of $124.42. The company has a market capitalization of $8.55 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.06 and a beta of 1.36. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.46.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.87 by ($0.07). TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. The company had revenue of $14.53 billion during the quarter, compared to the consensus estimate of $14.79 billion. During the same quarter last year, the firm posted $2.99 earnings per share. The company’s quarterly revenue was up 4.0% on a year-over-year basis. Analysts anticipate that TD SYNNEX will post 11.88 earnings per share for the current year.

Insider Transactions at TD SYNNEX

In related news, 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 transaction, the director now owns 4,856 shares in the company, valued at $660,804.48. This trade represents a 14.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Marshall Witt sold 1,510 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $128.08, for a total transaction of $193,400.80. Following the sale, the chief financial officer now directly owns 49,843 shares in the company, valued at $6,383,891.44. The trade was a 2.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,172 shares of company stock worth $4,000,861. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Proficio Capital Partners LLC acquired a new stake in shares of TD SYNNEX in the fourth quarter valued at about $5,158,000. JPMorgan Chase & Co. increased its position in TD SYNNEX by 37.0% during 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 during the period. IFP Advisors Inc raised its holdings in TD SYNNEX by 976.6% during the 4th quarter. IFP Advisors Inc now owns 1,012 shares of the business services provider’s stock worth $119,000 after purchasing an additional 918 shares during the last quarter. Sei Investments Co. boosted its stake in shares of TD SYNNEX by 25.5% in the 4th quarter. Sei Investments Co. now owns 70,745 shares of the business services provider’s stock valued at $8,297,000 after purchasing an additional 14,379 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of TD SYNNEX during the fourth quarter worth $2,260,000. 84.00% of the stock is owned by institutional investors.

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.