TD SYNNEX (NYSE:SNX) Rating Lowered to “Hold” at Zacks Research

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

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley increased their target price on shares of TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a research report on Friday, March 20th. UBS Group raised their price objective on shares of TD SYNNEX from $193.00 to $265.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Wall Street Zen upgraded shares of TD SYNNEX from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. The Goldman Sachs Group raised their price objective on shares of TD SYNNEX from $180.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of TD SYNNEX in a research report on Monday, May 4th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $212.60.

TD SYNNEX Price Performance

NYSE:SNX opened at $279.67 on Monday. The company has a market capitalization of $22.48 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.17 and a beta of 1.43. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.71 and a current ratio of 1.22. The company has a 50-day moving average of $212.80 and a 200-day moving average of $175.31. TD SYNNEX has a 52 week low of $118.90 and a 52 week high of $286.25.

TD SYNNEX (NYSE:SNX) last announced its earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.24 by $1.49. The business had revenue of $17.16 billion during the quarter, compared to analysts’ expectations of $15.59 billion. TD SYNNEX had a net margin of 1.52% and a return on equity of 14.03%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the company posted $2.80 EPS. As a group, equities research analysts anticipate that TD SYNNEX will post 15.88 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO David Gregory Jordan sold 3,225 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $189.46, for a total value of $611,008.50. Following the transaction, the chief financial officer owned 14,035 shares of the company’s stock, valued at approximately $2,659,071.10. This trade represents a 18.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard T. Hume sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $229.54, for a total transaction of $1,147,700.00. Following the completion of the transaction, the director directly owned 28,537 shares in the company, valued at $6,550,382.98. This trade represents a 14.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 16,250 shares of company stock valued at $3,533,382. 0.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Gamco Investors INC. ET AL grew its holdings in TD SYNNEX by 1.1% during the first quarter. Gamco Investors INC. ET AL now owns 4,667 shares of the business services provider’s stock valued at $787,000 after purchasing an additional 52 shares during the period. Essex Financial Services Inc. lifted its stake in TD SYNNEX by 2.9% in the first quarter. Essex Financial Services Inc. now owns 1,957 shares of the business services provider’s stock valued at $330,000 after buying an additional 56 shares in the last quarter. Kesler Norman & Wride LLC lifted its stake in TD SYNNEX by 0.7% in the first quarter. Kesler Norman & Wride LLC now owns 8,581 shares of the business services provider’s stock valued at $1,448,000 after buying an additional 61 shares in the last quarter. SJS Investment Consulting Inc. lifted its stake in TD SYNNEX by 44.6% in the first quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider’s stock valued at $34,000 after buying an additional 62 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC lifted its stake in TD SYNNEX by 3.5% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 2,107 shares of the business services provider’s stock valued at $317,000 after buying an additional 71 shares in the last quarter. Institutional investors and hedge funds 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.