TD SYNNEX (NYSE:SNX) Downgraded by StockNews.com to “Hold”

Posted by Defense World Staff on Jun 8th, 2023

TD SYNNEX (NYSE:SNX – Get Rating) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Thursday.

SNX has been the subject of several other reports. Stifel Nicolaus dropped their price objective on shares of TD SYNNEX from $120.00 to $110.00 in a research note on Tuesday, March 28th. JPMorgan Chase & Co. reduced their price objective on shares of TD SYNNEX from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 29th. Bank of America dropped their target price on TD SYNNEX from $135.00 to $120.00 in a research report on Thursday, March 30th. Barrington Research dropped their price objective on TD SYNNEX from $130.00 to $120.00 and set an “outperform” rating for the company in a report on Monday, April 3rd. Finally, Raymond James reduced their target price on TD SYNNEX from $140.00 to $130.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 29th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, TD SYNNEX has an average rating of “Moderate Buy” and an average target price of $113.91.

TD SYNNEX Trading Up 2.3 %

SNX stock opened at $94.34 on Thursday. The firm has a fifty day moving average price of $90.83 and a 200 day moving average price of $96.22. TD SYNNEX has a fifty-two week low of $78.86 and a fifty-two week high of $111.57. The firm has a market cap of $8.91 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 0.93 and a beta of 1.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.73 and a current ratio of 1.26.

TD SYNNEX (NYSE:SNX – Get Rating) last issued its quarterly earnings data on Tuesday, March 28th. The business services provider reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.74 by $0.08. The business had revenue of $15.13 billion during the quarter, compared to analysts’ expectations of $15.74 billion. TD SYNNEX had a net margin of 1.11% and a return on equity of 13.80%. Sell-side analysts anticipate that TD SYNNEX will post 10.96 earnings per share for the current fiscal year.

Insider Activity at TD SYNNEX

In other news, CFO Marshall Witt sold 603 shares of TD SYNNEX stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $92.81, for a total value of $55,964.43. Following the transaction, the chief financial officer now owns 53,304 shares of the company’s stock, valued at approximately $4,947,144.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other TD SYNNEX news, CFO Marshall Witt sold 603 shares of the firm’s stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $92.81, for a total value of $55,964.43. Following the completion of the sale, the chief financial officer now owns 53,304 shares of the company’s stock, valued at $4,947,144.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Dennis Polk sold 8,000 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $96.90, for a total transaction of $775,200.00. Following the transaction, the insider now owns 132,402 shares in the company, valued at approximately $12,829,753.80. The disclosure for this sale can be found here. Insiders have sold a total of 43,998 shares of company stock valued at $4,039,998 over the last quarter. 1.70% of the stock is owned by corporate insiders.

Institutional Trading of TD SYNNEX

Large investors have recently made changes to their positions in the business. Apollo Management Holdings L.P. acquired a new position in TD SYNNEX during the first quarter valued at $3,622,519,000. AQR Capital Management LLC lifted its holdings in shares of TD SYNNEX by 330.6% in the 1st quarter. AQR Capital Management LLC now owns 679,948 shares of the business services provider’s stock valued at $64,738,000 after buying an additional 522,055 shares during the period. Norges Bank purchased a new stake in shares of TD SYNNEX in the fourth quarter worth about $34,999,000. FMR LLC raised its position in TD SYNNEX by 4.8% during the first quarter. FMR LLC now owns 6,322,737 shares of the business services provider’s stock valued at $611,978,000 after acquiring an additional 288,608 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in TD SYNNEX by 2,703.9% in the first quarter. Cubist Systematic Strategies LLC now owns 243,630 shares of the business services provider’s stock valued at $23,581,000 after acquiring an additional 234,941 shares during the period. 84.70% of the stock is owned by hedge funds and other institutional investors.

About TD SYNNEX

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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.