JPMorgan Chase & Co. Upgrades TD SYNNEX (NYSE:SNX) to “Overweight”

TD SYNNEX (NYSE:SNX) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday. The firm currently has a $298.00 target price on the business services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 23.83% from the company’s current price.

A number of other research firms have also recently weighed in on SNX. Zacks Research raised shares of TD SYNNEX from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. Weiss Ratings reissued a “buy (b)” rating on shares of TD SYNNEX in a report on Monday, May 4th. UBS Group raised their price objective on shares of TD SYNNEX from $193.00 to $265.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Morgan Stanley raised their price objective on shares of TD SYNNEX from $172.00 to $174.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, TD SYNNEX presently has an average rating of “Buy” and a consensus price target of $205.50.

TD SYNNEX Stock Up 1.4%

SNX stock opened at $240.66 on Wednesday. The company has a current ratio of 1.22, a quick ratio of 0.71 and a debt-to-equity ratio of 0.41. TD SYNNEX has a twelve month low of $118.35 and a twelve month high of $243.88. The company’s 50 day moving average is $204.64 and its two-hundred day moving average is $172.36. The stock has a market cap of $19.35 billion, a P/E ratio of 20.01, a PEG ratio of 1.04 and a beta of 1.40.

TD SYNNEX (NYSE:SNX) last released its quarterly earnings data 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 net margin of 1.52% and a return on equity of 14.03%. The company had revenue of $17.16 billion for the quarter, compared to analysts’ expectations of $15.59 billion. During the same quarter last year, the company earned $2.80 earnings per share. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. Research analysts expect that TD SYNNEX will post 15.69 earnings per share for the current fiscal year.

Insider Buying and Selling at TD SYNNEX

In other news, Director Richard T. Hume sold 5,000 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $229.54, for a total transaction of $1,147,700.00. Following the completion of the sale, the director owned 28,537 shares in the company, valued at approximately $6,550,382.98. This represents a 14.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Gregory Jordan sold 3,225 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $189.46, for a total transaction of $611,008.50. Following the sale, the chief financial officer owned 14,035 shares of the company’s stock, valued at $2,659,071.10. This trade represents a 18.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,417 shares of company stock worth $3,559,726 over the last three months. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TD SYNNEX

Several institutional investors have recently bought and sold shares of SNX. Norges Bank acquired a new position in TD SYNNEX in the 4th quarter valued at $148,559,000. Alyeska Investment Group L.P. acquired a new position in TD SYNNEX in the 3rd quarter valued at $135,631,000. AQR Capital Management LLC increased its stake in TD SYNNEX by 141.8% in the 4th quarter. AQR Capital Management LLC now owns 934,772 shares of the business services provider’s stock valued at $140,431,000 after buying an additional 548,180 shares during the period. Victory Capital Management Inc. increased its stake in TD SYNNEX by 123.6% in the 3rd quarter. Victory Capital Management Inc. now owns 728,321 shares of the business services provider’s stock valued at $119,263,000 after buying an additional 402,573 shares during the period. Finally, Wedge Capital Management L L P NC acquired a new position in TD SYNNEX in the 4th quarter valued at $60,104,000. 84.00% of the stock is owned by institutional investors and hedge funds.

About TD SYNNEX

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.