TD SYNNEX (NYSE:SNX) Cut to "Hold" at Wall Street Zen

Key Points

• TD SYNNEX was downgraded from a "buy" to a "hold" rating by Wall Street Zen, reflecting changes in analyst sentiment regarding the company's stock.
• The average target price for TD SYNNEX shares is $149.30, with conflicting ratings from various analysts, including three hold and eight buy ratings.
• In recent trading, shares of TD SYNNEX have been volatile, opening at $140.58 and demonstrating strong year-over-year revenue growth of 7.2%.

TD SYNNEX (NYSE:SNX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

A number of other equities analysts also recently commented on SNX. Royal Bank Of Canada restated an "outperform" rating and set a $145.00 target price on shares of TD SYNNEX in a report on Wednesday, June 25th. Loop Capital upped their price objective on shares of TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Barclays set a $140.00 target price on shares of TD SYNNEX in a research note on Tuesday, June 24th. JPMorgan Chase & Co. increased their price target on shares of TD SYNNEX from $143.00 to $160.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley set a $155.00 price objective on TD SYNNEX and gave the company an "overweight" rating in a research report on Wednesday, June 25th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, TD SYNNEX presently has an average rating of "Moderate Buy" and an average target price of $149.30.

TD SYNNEX Price Performance

Shares of TD SYNNEX stock opened at $140.58 on Friday. The company's fifty day simple moving average is $134.20 and its two-hundred day simple moving average is $128.01. TD SYNNEX has a 12-month low of $92.23 and a 12-month high of $149.76. The firm has a market cap of $11.59 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 1.18 and a beta of 1.32. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.45.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.71 by $0.28. The company had revenue of $14.95 billion for the quarter, compared to analysts' expectations of $14.30 billion. TD SYNNEX had a return on equity of 11.58% and a net margin of 1.21%. TD SYNNEX's quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $2.73 earnings per share. As a group, equities analysts expect that TD SYNNEX will post 11.88 EPS for the current year.

Insider Buying and Selling

In other news, CFO Marshall Witt sold 1,509 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.35, for a total transaction of $189,153.15. Following the completion of the transaction, the chief financial officer directly owned 49,563 shares in the company, valued at $6,212,722.05. This trade represents a 2.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard T. Hume sold 63,310 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $136.23, for a total transaction of $8,624,721.30. Following the completion of the transaction, the director owned 67,515 shares in the company, valued at approximately $9,197,568.45. The trade was a 48.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,076 shares of company stock worth $8,992,884 in the last 90 days. Insiders own 1.00% of the company's stock.

Institutional Trading of TD SYNNEX

A number of institutional investors and hedge funds have recently bought and sold shares of SNX. Commonwealth Equity Services LLC lifted its stake in shares of TD SYNNEX by 30.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 3,961 shares of the business services provider's stock worth $465,000 after buying an additional 923 shares in the last quarter. LPL Financial LLC lifted its position in TD SYNNEX by 15.0% in the 4th quarter. LPL Financial LLC now owns 15,680 shares of the business services provider's stock valued at $1,839,000 after acquiring an additional 2,050 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in TD SYNNEX by 9.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 11,667 shares of the business services provider's stock valued at $1,368,000 after purchasing an additional 1,026 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in TD SYNNEX by 7.6% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 9,888 shares of the business services provider's stock valued at $1,160,000 after purchasing an additional 700 shares during the last quarter. Finally, ExodusPoint Capital Management LP raised its stake in shares of TD SYNNEX by 155.6% in the fourth quarter. ExodusPoint Capital Management LP now owns 44,812 shares of the business services provider's stock worth $5,256,000 after purchasing an additional 27,282 shares during the last quarter. 84.00% of the stock is currently owned by institutional investors.

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.

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