StockNews.com Downgrades TD SYNNEX (NYSE:SNX) to Hold

TD SYNNEX (NYSE:SNX) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

A number of other analysts also recently weighed in on the stock. Loop Capital reaffirmed a “buy” rating and set a $150.00 price target on shares of TD SYNNEX in a report on Monday, October 7th. Barclays upped their price target on shares of TD SYNNEX from $131.00 to $132.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 price target on shares of TD SYNNEX in a report on Friday, September 27th. Finally, Barrington Research reissued an “outperform” rating and issued a $138.00 price objective on shares of TD SYNNEX in a research note on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $134.75.

TD SYNNEX Stock Performance

Shares of TD SYNNEX stock opened at $120.08 on Wednesday. The company has a 50 day moving average of $120.36 and a 200-day moving average of $119.07. TD SYNNEX has a 1-year low of $98.70 and a 1-year high of $133.85. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 0.46. The company has a market cap of $10.22 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.14 and a beta of 1.47.

TD SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Thursday, September 26th. The business services provider reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.06. TD SYNNEX had a net margin of 1.20% and a return on equity of 12.15%. The company had revenue of $14.68 billion during the quarter, compared to the consensus estimate of $14.11 billion. During the same quarter in the prior year, the firm posted $2.71 EPS. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities research analysts forecast that TD SYNNEX will post 11.03 earnings per share for the current fiscal year.

Insider Activity at TD SYNNEX

In other TD SYNNEX news, CFO Marshall Witt sold 5,653 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $121.15, for a total value of $684,860.95. Following the completion of the transaction, the chief financial officer now directly owns 38,279 shares in the company, valued at approximately $4,637,500.85. This represents a 12.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Dennis Polk sold 15,689 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $116.93, for a total transaction of $1,834,514.77. Following the completion of the transaction, the insider now owns 134,706 shares of the company’s stock, valued at approximately $15,751,172.58. This trade represents a 10.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,645 shares of company stock valued at $8,415,189 in the last quarter. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On TD SYNNEX

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNX. V Square Quantitative Management LLC acquired a new position in TD SYNNEX in the 3rd quarter valued at approximately $30,000. UMB Bank n.a. increased its position in shares of TD SYNNEX by 99.3% during the third quarter. UMB Bank n.a. now owns 289 shares of the business services provider’s stock worth $35,000 after buying an additional 144 shares during the period. Kathleen S. Wright Associates Inc. acquired a new stake in shares of TD SYNNEX during the third quarter worth $37,000. Blue Trust Inc. increased its position in shares of TD SYNNEX by 52.3% during the second quarter. Blue Trust Inc. now owns 358 shares of the business services provider’s stock worth $40,000 after buying an additional 123 shares during the period. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of TD SYNNEX during the second quarter worth $52,000. 84.00% of the stock is currently owned by institutional investors and hedge funds.

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.