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

Key Points

• JPMorgan Chase & Co. upgraded TD SYNNEX to “Overweight” from “neutral” and set a $298 price target, implying about 23.8% upside from the current share price.
• TD SYNNEX has seen generally bullish analyst sentiment overall, with an average rating of “Buy” and an average price target of $205.50 across multiple firms.
• The company recently reported strong quarterly results, posting EPS of $4.73 versus $3.24 expected and revenue of $17.16 billion, up 18.1% year over year.

TD SYNNEX (NYSE:SNX - Get Free Report) was upgraded by investment analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research note issued to investors on Wednesday. The firm currently has a $298.00 price target on the business services provider's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 23.83% from the stock's current price.

A number of other equities research analysts have also issued reports on SNX. Barclays upped their price objective on shares of TD SYNNEX from $163.00 to $166.00 and gave the company an "equal weight" rating in a report on Wednesday, April 1st. Royal Bank Of Canada upped their price objective on shares of TD SYNNEX from $210.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Barrington Research restated an "outperform" rating and issued a $182.00 price objective on shares of TD SYNNEX in a report on Friday, March 27th. Zacks Research upgraded shares of TD SYNNEX from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. Finally, Morgan Stanley upped 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. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $205.50.

TD SYNNEX Trading Up 1.4%

Shares of SNX 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 12-month low of $118.35 and a 12-month high of $243.88. The firm has a 50-day moving average price of $204.64 and a 200 day moving average price of $172.36. The firm has a market capitalization of $19.35 billion, a P/E ratio of 20.01, a P/E/G ratio of 1.04 and a beta of 1.40.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The business services provider reported $4.73 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $17.16 billion during the quarter, compared to analyst estimates of $15.59 billion. During the same quarter in the prior year, the firm posted $2.80 earnings per share. TD SYNNEX's quarterly revenue was up 18.1% on a year-over-year basis. Sell-side analysts forecast that TD SYNNEX will post 15.69 EPS for the current year.

Insider Buying and Selling at TD SYNNEX

In other news, insider Miriam Anne Murphy sold 3,025 shares of the firm's stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $200.14, for a total value of $605,423.50. Following the completion of the transaction, the insider owned 10,820 shares of the company's stock, valued at approximately $2,165,514.80. This trade represents a 21.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO David Gregory Jordan sold 3,225 shares of the firm's stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $189.46, for a total transaction of $611,008.50. Following the completion of the transaction, the chief financial officer directly owned 14,035 shares of the company's stock, valued at approximately $2,659,071.10. The trade was a 18.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 16,417 shares of company stock worth $3,559,726. 0.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SNX. Dorato Capital Management purchased a new position in TD SYNNEX in the fourth quarter worth approximately $27,000. Ossiam lifted its stake in TD SYNNEX by 84.3% in the third quarter. Ossiam now owns 164 shares of the business services provider's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in TD SYNNEX in the fourth quarter worth approximately $28,000. Measured Wealth Private Client Group LLC purchased a new position in TD SYNNEX in the third quarter worth approximately $30,000. Finally, Lloyd Advisory Services LLC. purchased a new position in TD SYNNEX in the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 84.00% of the company's stock.

TD SYNNEX Company Profile

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.

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