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

Key Points

• Zacks Research downgraded TD SYNNEX from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $294.67.
• TD SYNNEX reported a strong quarter, with earnings of $4.85 per share versus the $4.14 estimate and revenue of $19.57 billion, up 31% year over year.
• Shares opened at $255.77, while insiders sold 16,273 shares worth approximately $4.25 million over the past 90 days; institutional investors own about 84% of the stock.

TD SYNNEX (NYSE:SNX - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

SNX has been the topic of a number of other research reports. Barrington Research increased their target price on TD SYNNEX from $202.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday, June 26th. Barclays boosted their target price on shares of TD SYNNEX from $237.00 to $278.00 and gave the company an "equal weight" rating in a research note on Thursday, July 2nd. The Goldman Sachs Group set a $330.00 price target on shares of TD SYNNEX in a report on Friday, June 26th. UBS Group raised their price target on shares of TD SYNNEX from $310.00 to $352.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. Finally, Weiss Ratings downgraded shares of TD SYNNEX from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 17th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $294.67.

TD SYNNEX Stock Up 1.7%

Shares of NYSE:SNX opened at $255.77 on Tuesday. The firm has a market capitalization of $20.45 billion, a PE ratio of 18.31, a price-to-earnings-growth ratio of 0.71 and a beta of 1.44. The business has a 50 day simple moving average of $255.96 and a two-hundred day simple moving average of $222.13. TD SYNNEX has a 1 year low of $142.22 and a 1 year high of $296.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.20 and a quick ratio of 0.64.

TD SYNNEX (NYSE:SNX - Get Free Report) last issued its quarterly earnings results on Thursday, June 25th. The business services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.14 by $0.71. TD SYNNEX had a return on equity of 15.37% and a net margin of 1.63%.The firm had revenue of $19.57 billion for the quarter, compared to the consensus estimate of $16.80 billion. During the same period in the prior year, the business posted $2.99 earnings per share. The company's revenue for the quarter was up 31.0% on a year-over-year basis. TD SYNNEX has set its Q3 2026 guidance at 4.250-4.750 EPS. On average, equities analysts predict that TD SYNNEX will post 18.01 EPS for the current year.

Insider Buying and Selling at TD SYNNEX

In other news, Director Ann F. Vezina sold 1,273 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $256.05, for a total transaction of $325,951.65. Following the transaction, the director owned 5,828 shares of the company's stock, valued at approximately $1,492,259.40. This represents a 17.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard T. Hume sold 5,000 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $242.97, for a total value of $1,214,850.00. Following the transaction, the director directly owned 18,537 shares in the company, valued at $4,503,934.89. The trade was a 21.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 16,273 shares of company stock worth $4,253,752 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

Institutional Trading of TD SYNNEX

A number of hedge funds have recently added to or reduced their stakes in the business. Weiss Asset Management LP bought a new stake in shares of TD SYNNEX in the 1st quarter valued at about $4,435,000. Intech Investment Management LLC grew its position in shares of TD SYNNEX by 38.4% in the 4th quarter. Intech Investment Management LLC now owns 21,578 shares of the business services provider's stock worth $3,242,000 after buying an additional 5,982 shares during the last quarter. State of Wyoming bought a new position in shares of TD SYNNEX during the 2nd quarter worth approximately $3,378,000. BlackRock Inc. purchased a new stake in TD SYNNEX during the second quarter valued at approximately $1,958,683,000. Finally, Geode Capital Management LLC lifted its position in TD SYNNEX by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider's stock valued at $230,315,000 after acquiring an additional 99,090 shares during the last quarter. 84.00% of the stock is owned by hedge funds and other institutional investors.

About TD SYNNEX

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.

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