TD Synnex Corp 's (NYSE:SNX) Chief Financial Officer, Witt Marshall, recently sold a significant portion of company stock, according to a recent SEC filing. On December 18, Marshall sold 1,510 shares of common stock at an average price of $121.13 per share, amounting to a total transaction value of $182,906. These sales were conducted under a Rule 10b5-1 trading plan that Marshall adopted on May 8, 2024. The transaction occurred as TD Synnex, with a market capitalization of nearly $10 billion, maintains a P/E ratio of 15.07.
In addition to the sale, Marshall exercised stock options to acquire 1,510 shares at an exercise price of $45.64 per share. Following these transactions, Marshall now directly owns 48,362 shares of TD Synnex common stock.
The transactions reflect Marshall's ongoing management of his equity position in the company, as he continues to hold a substantial stake in TD Synnex.
In other recent news, TD SYNNEX announced the appointment of Kristie Grinnell as the new Executive Vice President and Chief Information Officer, succeeding Bonnie Smith. Grinnell's previous roles include CIO at DXC Technology (NYSE:DXC) and Global CIO at General Dynamics (NYSE:GD) Information Technology. TD SYNNEX also appointed Tanuj Raja, a former Google (NASDAQ:GOOGL) executive, as the new Senior Vice President for North America Hyperscaler and Marketplace.
In a strategic move, TD SYNNEX completed the acquisition of the cloud migration business from IPsense, a Brazilian cloud solutions provider, aiming to strengthen its cloud capabilities in Brazil. The company also extended its accounts receivable securitization program to November 2026, providing continued liquidity through the sale of receivables to SIT Funding LLC.
Recent financial results from TD SYNNEX show a 9% increase in gross billing and a 5% increase in revenue. However, there has been a slight decline in gross margin due to increased investments in Hyve's capabilities. Both Loop Capital and Goldman Sachs (NYSE:GS) have maintained a Buy rating on TD SYNNEX, with Goldman Sachs projecting an 8% increase in revenue growth for the company in fiscal 2025.
Significant amendments were made to TD SYNNEX's 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 developments highlight TD SYNNEX's strategic growth plans and its focus on enhancing value across multiple technology categories.
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