Envestnet Portfolio Solutions Inc., a leading information services provider, continues to diversify its investment portfolio by acquiring a new stake in Standex International Co. (NYSE:SXI) [f3618830]. In the latest investment move, Envestnet Portfolio Solutions Inc. purchased 1,709 shares of Standex International Co., valued at approximately $249,000 [f3618830]. Standex International Co. reported earnings per share of $1.78 for the quarter, beating analysts' consensus estimates of $1.72. The company's revenue for the quarter was $178.40 million, slightly below analysts' expectations of $180.25 million [f3618830]. Standex International Co. is a manufacturing company that sells various products and services for commercial and industrial markets. The company operates through five segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions [f3618830].
Envestnet Portfolio Solutions Inc.'s investment in Standex International Co. adds to its recent acquisitions of stakes in ExlService Holdings Inc., Enovis Co., Element Solutions Inc., and Jones Lang LaSalle Incorporated [f3618830] [6a2fcb22] [76c9ba38] [05362e52] [ba52a6b7]. This move demonstrates Envestnet Portfolio Solutions Inc.'s commitment to expanding its investment portfolio and making strategic investments in companies across different sectors [f3618830] [6a2fcb22] [76c9ba38] [05362e52] [ba52a6b7].
TD Synnex Corp (SNX) is the highest overall rated company in the Electronics & Computer Distribution industry with an overall score of 72. SNX is up 15.87% so far this year after the company closed yesterday at $104.12. SNX has an average analyst ranking of Strong Buy with an average price target of $113.916. [fe956fe9]
Stifel, a financial services firm, has increased its stock price target on shares of TD Synnex to $130.00, up from the previous target of $120.00 [678e9792]. The adjustment follows TD Synnex's first-quarter earnings report and second-quarter guidance, which presented a mixed performance. TD Synnex reported a year-over-year decline in net revenue and gross billings for the quarter, attributed to reduced demand for smartphones and components. However, the company experienced year-over-year growth in PC sales for the first time in several quarters. Stifel sees indications that end demand is stabilizing and anticipates an upturn in the second half of the year. The firm has maintained a Buy rating on the stock and expects accelerated growth in PC sales and a stabilization and subsequent growth in demand for advanced solutions products in the second half of fiscal year 2024. Stifel has revised its forward revenue estimates for TD Synnex downwards but increased its earnings per share (EPS) estimates, reflecting an anticipated improvement in the product mix and operational leverage. The company's focus on expanding its cloud, software, and services offerings is expected to continue bolstering margins going forward [678e9792].