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

TD SYNNEX (NYSE:SNX) had its price target decreased by Royal Bank of Canada from $165.00 to $145.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the business services provider’s stock. Royal Bank of Canada’s price target points to a potential upside of 43.81% from the company’s previous close.

Other analysts have also recently issued research reports about the company. UBS Group lowered their price target on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, March 28th. StockNews.com cut shares of TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday, March 26th. Cfra reduced their target price on TD SYNNEX from $147.00 to $132.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Barrington Research reaffirmed an “outperform” rating and set a $156.00 price target on shares of TD SYNNEX in a research note on Friday, March 28th. Finally, JPMorgan Chase & Co. reduced their price objective on TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating on the stock in a research report 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $137.78.

TD SYNNEX Price Performance

Shares of TD SYNNEX stock traded down $0.58 on Friday, reaching $100.83. The stock had a trading volume of 476,398 shares, compared to its average volume of 909,782. The business’s 50 day moving average is $127.01 and its two-hundred day moving average is $124.53. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.46. TD SYNNEX has a 1 year low of $92.23 and a 1 year high of $145.10. The company has a market cap of $8.51 billion, a P/E ratio of 12.67, a price-to-earnings-growth ratio of 1.06 and a beta of 1.36.

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

Insider Buying and Selling at TD SYNNEX

In other news, Director Richard T. Hume sold 20,000 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $135.88, for a total transaction of $2,717,600.00. Following the sale, the director now owns 65,480 shares in the company, valued at approximately $8,897,422.40. The trade was a 23.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ann F. Vezina sold 839 shares of TD SYNNEX stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $136.08, for a total transaction of $114,171.12. Following the transaction, the director now directly owns 4,856 shares of the company’s stock, valued at approximately $660,804.48. This trade represents a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,172 shares of company stock worth $4,000,861. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TD SYNNEX

Large investors have recently made changes to their positions in the business. Norges Bank bought a new stake in TD SYNNEX in the fourth quarter worth $121,199,000. Ninety One UK Ltd raised its position 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 worth $277,316,000 after purchasing an additional 1,016,251 shares during the last quarter. Nuveen Asset Management LLC increased its stake in TD SYNNEX by 343.2% during 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. JPMorgan Chase & Co. raised its holdings in TD SYNNEX by 37.0% in the third quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock worth $361,707,000 after buying an additional 813,634 shares during the last quarter. Finally, LSV Asset Management lifted its stake in shares of TD SYNNEX by 46.9% in the fourth quarter. LSV Asset Management now owns 1,715,847 shares of the business services provider’s stock worth $201,235,000 after buying an additional 547,692 shares in the last quarter. 84.00% of the stock is currently owned by hedge funds and other institutional investors.

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.