Richard T. Hume, a director at TD Synnex Corp (NYSE:SNX), recently sold shares of the company worth approximately $2.35 million. The transactions, executed on January 3, 2025, were carried out under a Rule 10b5-1 trading plan that Hume adopted in June 2024. TD Synnex, a prominent player in the Electronic Equipment industry with a market cap of $10.1 billion, currently shows a "GOOD" Financial Health score according to InvestingPro analysis.
The sales involved a total of 20,000 shares of common stock, sold at prices ranging from $116.56 to $118.04. Following these transactions, Hume's direct ownership of TD Synnex stands at 111,080 shares. The stock, trading at a P/E ratio of 15.2, appears undervalued based on InvestingPro's Fair Value analysis.
These sales were part of a pre-established trading plan, allowing Hume to sell a predetermined number of shares at set intervals, which is a common strategy for executives to manage their holdings while complying with insider trading regulations. For deeper insights into insider transactions and comprehensive analysis, access the full TD Synnex Pro Research Report, available exclusively on InvestingPro.
In other recent news, TD SYNNEX has announced major changes in its executive leadership and strategic developments. The company has appointed Kristie Grinnell as the new Executive Vice President and Chief Information Officer, replacing Bonnie Smith. Grinnell, formerly a CIO at DXC Technology (NYSE:DXC) and General Dynamics (NYSE:GD) Information Technology, is expected to bring substantial advancements in technology and business integration to TD SYNNEX.
The company has also extended its accounts receivable securitization program to November 2026, providing continued liquidity through the sale of receivables to SIT Funding LLC. Furthermore, TD SYNNEX has completed the acquisition of the cloud migration business from IPsense, a Brazilian cloud solutions provider, to bolster its cloud capabilities in Brazil.
In addition to these developments, TD SYNNEX has appointed Tanuj Raja, a former Google (NASDAQ:GOOGL) executive, as the new Senior Vice President for North America Hyperscaler and Marketplace. The company's recent financial results show a 9% increase in gross billing and a 5% increase in revenue, with Loop Capital and Goldman Sachs maintaining a Buy rating on TD SYNNEX. Goldman Sachs projects an 8% increase in revenue growth for the company in fiscal 2025.
However, the company has experienced a slight decline in gross margin due to increased investments in Hyve's capabilities. TD SYNNEX has also made significant amendments to its corporate bylaws, adjusting the voting threshold required for the board and shareholders to adopt, amend, or repeal bylaws. The company expects Q4 gross billings to range between $20.5 billion and $21.5 billion, with a projected non-GAAP diluted EPS of $2.80 to $3.30. These are the most recent developments in TD SYNNEX's strategic growth plans and its focus on enhancing value across multiple technology categories.
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