TD SYNNEX Downgraded to Hold by StockNews.com

On Tuesday, StockNews.com announced its decision to downgrade TD SYNNEX (NYSE:SNX) from a "buy" rating to a "hold" rating. This change reflects the analysts' revised outlook on the company amidst evolving market conditions.

Recent Ratings Changes

In addition to the downgrade by StockNews.com, other brokerage firms have recently provided their insights on TD SYNNEX. For example, Barclays raised their target price for the company's shares from $132.00 to $148.00 while maintaining an "equal weight" rating as of January 13. Similarly, Cfra upgraded TD SYNNEX from a "hold" to a "buy" stance, along with an increase in their price objective from $122.00 to $147.00 in a report issued on January 10. Furthermore, JPMorgan Chase & Co. adjusted their target for TD SYNNEX shares, raising it from $135.00 to $150.00 and assigning a "neutral" rating. Lastly, the Royal Bank of Canada boosted its target price from $140.00 to $165.00, issuing an "outperform" rating.

Analysts Ratings Summary

Currently, out of the analysts covering TD SYNNEX, three have given the stock a hold rating while six have issued a buy rating. This distribution indicates a general optimism toward the stock. According to MarketBeat.com, TD SYNNEX holds an average rating of "Moderate Buy" with an average target price of approximately $147.50.

Stock Performance Overview

On the day of the announcement, shares of TD SYNNEX experienced a decline of $2.09, closing at $139.26. The trading volume was registered at 435,761 shares, which is lower than the average volume of 643,285 shares. Financial metrics for TD SYNNEX show a debt-to-equity ratio at 0.46, a quick ratio of 0.76, and a current ratio of 1.24. The company’s market capitalization stands at $11.75 billion, with a price-to-earnings (P/E) ratio of 17.49. Over the past year, the stock has varied between a low of $101.21 and a high of $145.10.

Insider Transactions

In recent insider trading activities, Chief Financial Officer Marshall Witt sold 1,510 shares of TD SYNNEX on December 18 at an average price of $121.13, totaling around $182,906. Following this transaction, he retains 48,362 shares valued at approximately $5.86 million. Additionally, CEO Patrick Zammit sold 6,823 shares on January 30 for about $975,689 at an average price of $143.00 per share. After the sale, he now holds 165,604 shares, worth around $23.68 million. Such transactions indicate strategies employed by company leaders concerning their holdings.

Institutional Investor Activity

Several institutional investors have been active with their positions in TD SYNNEX. For instance, Forum Financial Management LP increased its stake by 10.0%, acquiring an additional 229 shares in the last quarter. Vise Technologies Inc. entered a new position in the company while CSS LLC IL increased its holdings by 11.7%. UBS Asset Management also raised its stake in TD SYNNEX by 10.2% during the same period. Notably, institutional investors currently own approximately 84% of the company’s stock, highlighting its appeal to larger financial firms.

Company Overview

TD SYNNEX Corporation operates as a significant distributor and solutions aggregator within the information technology ecosystem. The company provides a variety of products including personal computers, mobile phones, printers, data center technologies, and various software solutions. Its position in the IT distribution market makes it a vital player in implementing global technological advancements.

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