TD SYNNEX (NYSE:SNX) Stock Rating Lowered by Wall Street Zen

Key Points

• TD SYNNEX's stock rating has been downgraded from "buy" to "hold" by Wall Street Zen, signaling a shift in analyst sentiment towards the company.
• Several analysts have increased their target prices for TD SYNNEX, with Barrington Research raising it from $156.00 to $182.00.
• Shares of TD SYNNEX dropped by 3.3% during mid-day trading on Friday, reaching $158.57.

TD SYNNEX (NYSE:SNX - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Friday.

Other analysts have also issued research reports about the company. Barrington Research raised their target price on TD SYNNEX from $156.00 to $182.00 and gave the company an "outperform" rating in a report on Monday. Royal Bank Of Canada raised their target price on TD SYNNEX from $165.00 to $180.00 and gave the company an "outperform" rating in a report on Friday, September 26th. Morgan Stanley raised their target price on TD SYNNEX from $173.00 to $181.00 and gave the company an "overweight" rating in a report on Friday, September 26th. Zacks Research raised TD SYNNEX from a "hold" rating to a "strong-buy" rating in a report on Wednesday. Finally, Barclays raised their target price on TD SYNNEX from $140.00 to $164.00 and gave the company an "equal weight" rating in a report on Friday, September 26th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $169.55.

TD SYNNEX Stock Down 3.3%

Shares of NYSE SNX traded down $5.45 during mid-day trading on Friday, reaching $158.57. 713,939 shares of the company traded hands, compared to its average volume of 1,007,153. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.71 and a current ratio of 1.20. The stock has a market cap of $12.91 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 1.28 and a beta of 1.43. The company's fifty day moving average is $150.24 and its two-hundred day moving average is $131.96. TD SYNNEX has a fifty-two week low of $92.23 and a fifty-two week high of $167.76.

Insider Buying and Selling

In related news, CFO Marshall Witt sold 861 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $149.84, for a total transaction of $129,012.24. Following the completion of the transaction, the chief financial officer owned 49,777 shares in the company, valued at $7,458,585.68. This trade represents a 1.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alim Dhanji sold 1,257 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $142.41, for a total value of $179,009.37. Following the transaction, the insider owned 10,984 shares of the company's stock, valued at $1,564,231.44. This trade represents a 10.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,930 shares of company stock worth $430,163 in the last 90 days. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On TD SYNNEX

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in TD SYNNEX by 329.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 245 shares of the business services provider's stock valued at $25,000 after purchasing an additional 188 shares in the last quarter. Versant Capital Management Inc increased its holdings in TD SYNNEX by 115.1% during the 1st quarter. Versant Capital Management Inc now owns 342 shares of the business services provider's stock valued at $36,000 after purchasing an additional 183 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in TD SYNNEX during the 2nd quarter valued at $55,000. Cullen Frost Bankers Inc. acquired a new stake in TD SYNNEX during the 1st quarter valued at $44,000. Finally, MAI Capital Management increased its holdings in TD SYNNEX by 90.2% during the 2nd quarter. MAI Capital Management now owns 428 shares of the business services provider's stock valued at $58,000 after purchasing an additional 203 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

TD SYNNEX Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.