TD SYNNEX (NYSE:SNX) Downgraded by Zacks Research to “Hold”

TD SYNNEX (NYSE:SNX) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other brokerages have also weighed in on SNX. JPMorgan Chase & Co. raised TD SYNNEX from a “neutral” rating to an “overweight” rating and set a $298.00 price objective for the company in a report on Wednesday, May 27th. Barclays increased their target price on TD SYNNEX from $166.00 to $237.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Weiss Ratings restated a “buy (b)” rating on shares of TD SYNNEX in a research report on Monday, May 4th. Wall Street Zen upgraded TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Finally, Morgan Stanley increased their target price on TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $212.60.

TD SYNNEX Price Performance

Shares of NYSE SNX opened at $279.67 on Monday. The stock has a fifty day simple moving average of $212.80 and a two-hundred day simple moving average of $175.31. TD SYNNEX has a 1-year low of $118.90 and a 1-year high of $286.25. The firm has a market cap of $22.48 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.17 and a beta of 1.43. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41.

TD SYNNEX (NYSE:SNX) last announced its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, beating the consensus estimate of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same period in the prior year, the company earned $2.80 earnings per share. TD SYNNEX’s revenue was up 18.1% compared to the same quarter last year. Analysts anticipate that TD SYNNEX will post 15.88 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Richard T. Hume sold 5,000 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $229.54, for a total value of $1,147,700.00. Following the sale, the director owned 28,537 shares in the company, valued at approximately $6,550,382.98. This trade represents a 14.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the sale, the chief financial officer owned 14,035 shares in the company, valued at $2,659,071.10. This trade represents a 18.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,250 shares of company stock worth $3,533,382 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Institutional investors and hedge funds have recently made changes to their positions in the business. Dorato Capital Management purchased a new stake in shares of TD SYNNEX in the fourth quarter worth $27,000. Ossiam raised its position in shares of TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider’s stock worth $27,000 after buying an additional 75 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of TD SYNNEX in the fourth quarter worth $28,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of TD SYNNEX in the third quarter worth $30,000. Finally, Lloyd Advisory Services LLC. purchased a new stake in shares of TD SYNNEX in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 84.00% of the company’s stock.

TD SYNNEX Company Profile

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company’s core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.