Cfra Issues Pessimistic Forecast for TD SYNNEX (NYSE:SNX) Stock Price

TD SYNNEX (NYSE:SNX) had its price target dropped by stock analysts at Cfra from $147.00 to $132.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the business services provider’s stock. Cfra’s target price would suggest a potential upside of 25.83% from the company’s previous close.

Several other research analysts also recently commented on the stock. Barrington Research restated an “outperform” rating and set a $156.00 price objective on shares of TD SYNNEX in a research report on Friday. StockNews.com lowered TD SYNNEX from a “buy” rating to a “hold” rating in a research note on Wednesday. UBS Group dropped their price objective on TD SYNNEX from $150.00 to $138.00 and set a “buy” rating for the company in a research report on Friday. JPMorgan Chase & Co. dropped their target price on shares of TD SYNNEX from $150.00 to $125.00 and set a “neutral” rating for the company in a report on Friday. Finally, Royal Bank of Canada raised their price target on shares of TD SYNNEX from $140.00 to $165.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, TD SYNNEX has an average rating of “Moderate Buy” and an average target price of $140.00.

TD SYNNEX Stock Performance

SNX traded down $2.64 on Friday, reaching $104.90. The company had a trading volume of 1,530,760 shares, compared to its average volume of 772,094. The company’s fifty day moving average is $136.32 and its 200 day moving average is $125.58. The stock has a market cap of $8.85 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.06 and a beta of 1.51. TD SYNNEX has a fifty-two week low of $98.00 and a fifty-two 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.

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

Insiders Place Their Bets

In other TD SYNNEX news, Director Ann F. Vezina sold 839 shares of TD SYNNEX stock in a transaction that occurred on 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 owns 4,856 shares of the company’s stock, valued at $660,804.48. This trade represents a 14.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Patrick Zammit sold 6,823 shares of the 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 sale, the chief executive officer now directly owns 165,604 shares of the company’s stock, valued at $23,681,372. The trade was a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,172 shares of company stock valued at $6,353,261. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its stake in TD SYNNEX by 0.4% in the fourth quarter. Arizona State Retirement System now owns 22,225 shares of the business services provider’s stock valued at $2,607,000 after purchasing an additional 78 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of TD SYNNEX by 9.2% during the 4th quarter. Quadrant Capital Group LLC now owns 1,068 shares of the business services provider’s stock worth $125,000 after acquiring an additional 90 shares during the period. Ellevest Inc. increased its holdings in TD SYNNEX by 3.9% in the 4th quarter. Ellevest Inc. now owns 2,384 shares of the business services provider’s stock worth $280,000 after acquiring an additional 90 shares during the last quarter. Utah Retirement Systems raised its stake in TD SYNNEX by 2.5% in the 4th quarter. Utah Retirement Systems now owns 4,100 shares of the business services provider’s stock valued at $481,000 after acquiring an additional 100 shares during the period. Finally, Amundi lifted its holdings in TD SYNNEX by 22.3% during the fourth quarter. Amundi now owns 560 shares of the business services provider’s stock valued at $66,000 after purchasing an additional 102 shares during 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.