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

Key Points

• Zacks Research downgraded TD SYNNEX from strong-buy to hold, though the broader analyst view remains positive with a Moderate Buy consensus and an average target price of $212.60.
• The company posted strong quarterly results, with earnings of $4.73 per share versus expectations of $3.24 and revenue of $17.16 billion, up 18.1% year over year.
• TD SYNNEX shares were up 3.4% and recently traded near their 52-week high; the stock opened at $279.67 versus a 52-week range of $118.90 to $286.25.

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

Other analysts have also issued reports about the company. Barrington Research reissued an "outperform" rating and set a $182.00 price objective on shares of TD SYNNEX in a report on Friday, March 27th. UBS Group boosted their price objective on TD SYNNEX from $193.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, May 5th. The Goldman Sachs Group boosted their price objective on TD SYNNEX from $180.00 to $205.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Barclays boosted their price objective on TD SYNNEX from $166.00 to $237.00 and gave the stock an "equal weight" rating in a report on Friday, May 29th. Finally, Morgan Stanley boosted their price objective on TD SYNNEX from $172.00 to $174.00 and gave the stock an "overweight" rating in a report on Friday, March 20th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $212.60.

TD SYNNEX Stock Up 3.4%

SNX stock opened at $279.67 on Monday. The stock's 50 day simple moving average is $212.80 and its 200 day simple moving average is $175.31. TD SYNNEX has a fifty-two week low of $118.90 and a fifty-two week high of $286.25. 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 market cap of $22.48 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.17 and a beta of 1.43.

TD SYNNEX (NYSE:SNX - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The business services provider reported $4.73 earnings per share for the quarter, topping analysts' consensus estimates of $3.24 by $1.49. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.The business had revenue of $17.16 billion for the quarter, compared to the consensus estimate of $15.59 billion. During the same period in the prior year, the business earned $2.80 EPS. The firm's revenue for the quarter was up 18.1% on a year-over-year basis. On average, research analysts expect that TD SYNNEX will post 15.88 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Miriam Anne Murphy sold 3,025 shares of the company's stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $200.14, for a total value of $605,423.50. Following the completion of the transaction, the insider directly owned 10,820 shares of the company's stock, valued at $2,165,514.80. This represents a 21.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David Gregory Jordan sold 3,225 shares of the company's stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $189.46, for a total value of $611,008.50. Following the completion of the transaction, the chief financial officer directly owned 14,035 shares of the company's stock, valued at approximately $2,659,071.10. This represents a 18.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 16,250 shares of company stock valued at $3,533,382 over the last three months. Corporate insiders own 0.70% of the company's stock.

Hedge Funds Weigh In On TD SYNNEX

Institutional investors have recently modified their holdings of the business. Ossiam grew its holdings in shares of TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider's stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Dorato Capital Management bought a new position in shares of TD SYNNEX in the fourth quarter valued at approximately $27,000. Measured Wealth Private Client Group LLC bought a new position in shares of TD SYNNEX in the third quarter valued at approximately $30,000. Aster Capital Management DIFC Ltd bought a new position in shares of TD SYNNEX in the fourth quarter valued at approximately $28,000. Finally, SJS Investment Consulting Inc. grew its holdings in TD SYNNEX by 44.6% during the first quarter. SJS Investment Consulting Inc. now owns 201 shares of the business services provider's stock valued at $34,000 after purchasing an additional 62 shares during the period. 84.00% of the stock is owned by institutional investors.

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.

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